The Economics of Wine (Orley Ashenfelter, Princeton)

What does an economist know about wine? Given that many wines need years to mature, how can one predict which ones will be great or not? Princeton’s Orley Ashenfelter explains how he used economic principles and regression analysis to predict wine quality (and score great deals!). His research helped spawn an entire field dedicated to the economics of wine. This video is based on the following paper: Predicting the Quality and Prices of Bordeaux Wines By Orley Ashenfelter https://www.researchgate.net/publication/4891174_Predicting_the_Quality_and_Prices_of_Bordeaux_Wine More of Orley Ashenfelter’s work: https://irs.princeton.edu/people/orley-c-ashenfelter Orley Ashenfelter’s vineyard: https://cedarrosevineyards.com/ Want to see more Economists in the Wild? Check out our series: https://mru.io/economists-wild-67905 ***INSTRUCTOR RESOURCES*** Here’s a free assignment to help connect this video to your classroom: https://mru.io/e20a9 Regression analysis assignment: https://mru.io/408e7 More professor resources: https://mru.io/professor-resources-dd8ae High school teacher resources: https://mru.io/high-school-resources-bd684 EconInbox: https://mru.io/econinbox-72172

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