The Positive Effect of Aging in the Case of Wine

Limor Dina Gonen, Tchai Tavor and Uriel Spiegel
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Limor Dina Gonen: Department of Economics and Business Administration, Ariel University, Ariel 40700, Israel
Tchai Tavor: Department of Economics and Management, The Max Stern Yezreel Valley College, Yezreel Valley 19300, Israel
Uriel Spiegel: Department of Management, Bar-Ilan University, Ramat Gan 5290002, Israel

Mathematics, 2021, vol. 9, issue 9, 1-16

Abstract: This paper examines the positive aspects of aging. Some items, such as valuable and rare stamps, old coins, works of art, and antiques, become more expensive over time. More popular examples demonstrating the positive effect of aging that influences price are the aging of boutique wine and artisan cheese. The present paper examines the wine aging process that brings about quality improvement. This process also leads to determining (i) optimal aging periods for different wines; (ii) optimal grape juice inventory allocations and prices for different wines; (iii) optimal quantities of different kinds of wine; and (iv) the time durations of wine production and consumption from each vintage. These aspects are considered in an environment in which the demand increases over time due to the aging and rarity of the product.

Keywords: wine aging; production duration; consumption duration (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jmathe:v:9:y:2021:i:9:p:1012-:d:546368

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