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European Review of Agricultural Economics Advance Access originally published online on December 5, 2006
European Review of Agricultural Economics 2006 33(4):542-561; doi:10.1093/erae/jbl020
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Right arrow C43 - Index Numbers and Aggregation
Right arrow G12 - Asset Pricing; Trading volume; Bond Interest Rates
Right arrow L11 - Production, Pricing, and Market Structure; Size Distribution of Firms
Right arrow L66 - Food; Beverages; Cosmetics; Tobacco; Wine and Spirits
Right arrow Q11 - Aggregate Supply and Demand Analysis; Prices
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© Oxford University Press and Foundation for the European Review of Agricultural Economics 2006; all rights reserved. For permissions, please email journals.permissions@oxfordjournals.org

The return to Australian fine wine

James Joseph Fogarty

University of Western Australia, School of Economics and Commerce, Crawley, W.A. 6009, Australia

Corresponding author: James Joseph Fogarty, University of Western Australia, School of Economics and Commerce, 35 Stirling Highway, Crawley, W.A. 6009, Australia. Telephone: +61 8 6488 2918. Fax: +61 8 6488 1016. E-mail: James.Fogarty{at}uwa.edu.au

Received February 2006; final version received September 2006

This paper uses auction data and the adjacent period hedonic price regression approach to estimate the return to storing premium Australian wine during the period 1989Q4 to 2000Q4. The results indicate that the return to storing premium Australian wine is probably superior to the return to Bordeaux wine. The risk-return profile of premium Australian wine is shown to be broadly comparable to that of Australian equities.

Keywords: wine, hedonic pricing, alternative assets

JEL classification: C43, G12, Q11


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