Is Globalization Good for Wine Drinkers in the United States?*

Omer Gokcekus and Andrew Fargnoli

Journal of Wine Economics, 2007, vol. 2, issue 2, 187-195

Abstract: To determine whether globalization is good for wine drinkers in the U.S., we examine the Wine Spectator's annual Top 100 lists, published since 1988. During this period, the average real price for these wines decreases from $43 to $26. Quality is consistent at around 93 points. Variety increases from six to twelve countries; the share of countries dominating the early lists declines from 95% to 75% over time. Our regression analysis indicates that when a New-New World wine replaces an Old World one, the average real price of the Top 100 list falls by 2.5%. (JEL Classification: F120, F140, C200) “My only regret in life is that I did not drink more champagne.” (John Maynard Keynes) (Harod, 1951, p. 15)

Date: 2007
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