The authors propose a structural empirical approach à la Levinsohn and Petrin (2003) to disentangle the effects of experts' grades from the effect of unobserved quality on the pricing of experience goods. Using a panel data set of 108 châteaux selling wine on the Bordeaux en primeur market, the authors provide empirical validation for the theoretical result that the price set by wine producers is used as a signal for wine quality. The results also show that failing to control for endogeneity caused by the omission of unobserved quality leads to overestimating the influence of experts' grades on the "primeur" price. --abstract.

Real analysis provides the fundamental underpinnings for calculus, arguably the most useful and influential mathematical idea ever invented. It is a core subject in any mathematics degree, and also one which many students find challenging. A Sequential Introduction to Real Analysis gives a fresh take on real analysis by formulating all the underlying concepts in terms of convergence of sequences. The result is a coherent, mathematically rigorous, but conceptually simple development of the standard theory of differential and integral calculus ideally suited to undergraduate students learning real analysis for the first time.This book can be used as the basis of an undergraduate real analysis course, or used as further reading material to give an alternative perspective within a conventional real analysis course.

This book constitutes the refereed proceedings of the International Conference, UNESST 2011, held as Part of the Future Generation Information Technology Conference, FGIT 2011, Jeju Island, Korea, in December 2011. The papers presented were carefully reviewed and selected from numerous submissions and focuse on the various aspects of u- and e-service, science and technology.

The largest collection of basic, clinical, and applied knowledge on the chemical senses ever compiled in one volume, the third edition of Handbook of Olfaction and Gustation encompass recent developments in all fields of chemosensory science, particularly the most recent advances in neurobiology, neuroscience, molecular biology, and modern functional imaging techniques. Divided into five main sections, the text covers the senses of smell and taste as well as sensory integration, industrial applications, and other chemosensory systems. This is essential reading for clinicians and academic researchers interested in basic and applied chemosensory perception.

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.

This Palgrave Handbook offers the first international comparative study into the efficiency of the industrial organization of the global wine industry. Looking at several important vineyards of the main wine countries, the contributors analyze differences in implementation and articulation of three key stages: grape production, wine making and distribution (marketing, selling and logistics). By examining regulations, organization theory, industry organizational efficiency and vertical integration, up to date strategies in the sector are presented and appraised. Which models are most efficient? What are the most relevant factors for optimal performance? How do reputation and governance impact the industry? Should different models co-exist within the wine countries for global success? This comprehensive volume is essential reading for students, researchers and professionals in the wine industry.

The U.S. wine industry is growing rapidly and wine consumption is an increasingly important part of American culture. American Wine Economics is intended for students of economics, wine professionals, and general readers who seek to gain a unified and systematic understanding of the economic organization of the wine trade. The wine industry possesses unique characteristics that make it interesting to study from an economic perspective. This volume delivers up-to-date information about complex attributes of wine; grape growing, wine production, and wine distribution activities; wine firms and consumers; grape and wine markets; and wine globalization. Thornton employs economic principles to explain how grape growers, wine producers, distributors, retailers, and consumers interact and influence the wine market. The volume includes a summary of findings and presents insights from the growing body of studies related to wine economics. Economic concepts, supplemented by numerous examples and anecdotes, are used to gain insight into wine firm behavior and the importance of contractual arrangements in the industry. Thornton also provides a detailed analysis of wine consumer behavior and what studies reveal about the factors that dictate wine-buying decisions.