A comprehensive and interdisciplinary approach to the economics of the production, distribution, and consumption of wine.
Wine economics is a growing subfield that examines the economics of the production, distribution, and consumption of wine. In this book, Stefano Castriota takes a comprehensive and interdisciplinary approach to the study of wine economics, drawing on literature from industrial organization, welfare economics, economic policy, political economy, management, finance, health economics, law, and criminology.
Castriota explores how wine markets operate and how they are regulated, covering such diverse topics as the health economics of wine consumption (both the positive health effects associated with moderate wine intake and the negative effects of alcohol abuse), the competition and profitability of wineries, the function of wine as an investment, and the quality of wine. He examines differences between the wine industries in the Old World and the New World, comparing small, family-owned wineries with larger conglomerates, and analyzes the regulation of wine in the United States versus the European Union. He concludes with a series of recommendations to ensure open and efficient wine markets while protecting public health.
Originally published in Italy as Economia del Vino, this English translation has been extensively revised. It includes additional material focusing on the English-speaking countries of the New World, particularly the regulatory environment of the United States and the lingering effects of Prohibition.
The open access edition of this book was made possible by generous funding from Arcadia – a charitable fund of Lisbet Rausing and Peter Baldwin.
As a longtime teetotaler, I read Wine Economics not for the wine, but just for the economics. Luckily there's a lot of that! Packed with interesting facts and detailed accounts of the worldwide wine supply chain, this should be your go-to guide and entrée to the fascinating world of oenomics.
Joshua D. Angrist, Professor of Economics, MIT; recipient of the 2021 Nobel Prize in Economic Sciences
Wine Economics provides a meticulous, thorough, and comprehensive study of the economics of the world wine market along with a detailed explanation of how and why governments regulate the production, distribution, and consumption of wine. This book, which includes detailed appendixes and extensive references, is a must-read for anyone interested in gaining a better understanding of wine from an economic perspective and is an excellent reference source for wine researchers and professionals.
James Thornton, Emeritus Professor of Economics, Eastern Michigan University; author of American Wine Economics
It takes frank determination and diligence to craft a tome such as Stefano Castriota's Wine Economics; the level of research and advanced expertise that Castriota demonstrates through his substantial scholarship mark him as aleading authority in the field. [... ] [T]his work is an essential and immediate resource for any wine economics professional, scholar, or student. Rich in concrete qualitative detail and abundant quantitative evidence, Wine Economics aims to encourage the spread and study of the economics of wine. Indeed, through this meticulous and impressive offering, Stefano Castriota has provided the necessary material and knowledge for established members of the discipline as well as newcomers to advance the subject, the reputation, and the world of wine economics.
Kevin M. Viscont, Columbia University
Journal of Wine Economics
Funding provided by: Arcadia Fund