R. P. Byron

Date of this Version

May 1994

Document Type

Discussion Paper

Publication Details

R. P. Byron (1994) The Price of Grange: an Oenometric Investigation

Acknowledgements:I am grateful to Lynda Bourke for research assistance, to Stewart Langton of Langton's Fine Wine Auctions for his interest and for providing, collecting and processing the price data for me, to Mike Farmilo, the Winemaker (Red) at Penfolds for helpful comments and advice and to the Bureau of Meterology in Adelaide for their assistance and help. In fact, everyone I spoke to, whether it was librarians or marketing managers, was extremely helpful and interested in the project and the results. Such is the esteem in which Grange is held.

School of Business Discussion Paper ; No. 54, May 1994

© Copyright R. P. Byron and the School of Business, Bond University


Extract:Recently, Ashenfelter, Ashmore and Lalonde [1993] found they could explain the price, and by implication, the quality, of Bordeaux vintages by a combination of age and weather variables. This paper applies the same ideas to Grange Hermitage, the only Australian wine with sufficient history to warrant a comparable study. Weather does not appear to play the same role as in Bordeaux, which may be due to the fact that Grange is a blended wine or that the market in Australia is too thin or that the climatic variation in Australia is unimportant in wine growing.