Don't Judge a Wine by Its Closure: Price Premiums for Corks in the U.S. Wine Market

2019 ◽  
Vol 14 (01) ◽  
pp. 3-25 ◽  
Author(s):  
Anton Bekkerman ◽  
Gary W. Brester
Keyword(s):  
Ordinary Least Squares ◽  
Grocery Stores ◽  
Purchase Decisions ◽  
Limited Information ◽  
Quantile Regressions ◽  
Wine Quality ◽  
Additional Information ◽  
Price Premiums ◽  
The U.S ◽  
Jel Classifications

AbstractFor many purchases, consumers often possess only limited information about product quality. Thus, observable product characteristics are used to determine expected quality levels when making purchase decisions. We use more than 1 million weekly scanner-level observations from grocery stores across ten U.S. markets between September 2009 and August 2012 to examine how consumers value a wine bottle's closure type (i.e., cork or screw cap). We focus on lower-priced wines—those with sale prices less than $30 per 750 milliliter bottle—to more accurately evaluate decisions of consumers for whom seeking additional information about wine quality is likely more costly than the benefits derived from that information. Using both pooled ordinary least squares and quantile regressions to estimate price premiums for bottles with corks or screw caps, we find that U.S. consumers are willing to pay, on average, approximately 8% more (about $1.00) for a bottle of wine that has a cork closure. In addition, we show that the size of this premium increases as wine prices decline. (JEL Classifications: D81, M31, Q11)

Criteria for Accrediting Expert Wine Judges

2013 ◽  
Vol 9 (1) ◽  
pp. 62-74 ◽  
Author(s):  
Robert Hodgson ◽  
Jing Cao
Keyword(s):  
Probability Distribution ◽  
Wine Industry ◽  
Ordinal Scale ◽  
Professional Experience ◽  
Wine Quality ◽  
Basic Premise ◽  
Definition Of ◽  
Jel Classifications

AbstractA test for evaluating wine judge performance is developed. The test is based on the premise that an expert wine judge will award similar scores to an identical wine. The definition of “similar” is parameterized to include varying numbers of adjacent awards on an ordinal scale, from No Award to Gold. For each index of similarity, a probability distribution is developed to determine the likelihood that a judge might pass the test by chance alone. When the test is applied to the results from a major wine competition, few judges pass the test. Of greater interest is that many judges who fail the test have vast professional experience in the wine industry. This leads to us to question the basic premise that experts are able to provide consistent evaluations in wine competitions and, hence, that wine competitions do not provide reliable recommendations of wine quality. (JEL Classifications: C02, C12, D81)

A framework for the evaluation and use of alternative data in the Consumer Expenditure Surveys

1915 ◽  
Author(s):  
Laura Erhard ◽  
Brett McBride ◽  
Adam safir
Keyword(s):  
Strategic Plan ◽  
Consumer Expenditure ◽  
Quality Of Data ◽  
Additional Information ◽  
Complementary Role ◽  
Labor Statistics ◽  
Weighting Procedures ◽  
Bureau Of Labor Statistics ◽  
The U.S

As part of the implementation of its strategic plan, the U.S. Bureau of Labor Statistics (BLS) has increasingly studied the issue of using alternative data to improve both the quality of its data and the process by which those data are collected. The plan includes the goal of integrating alternative data into BLS programs. This article describes the framework used by the BLS Consumer Expenditure Surveys (CE) program and the potential these data hold for complementing data collected in traditional formats. It also addresses some of the challenges BLS faces when using alternative data and the complementary role that alternative data play in improving the quality of data currently collected. Alternative data can substitute for what is presently being collected from respondents and provide additional information to supplement the variables the CE program produces or to adjust the CE program’s processing and weighting procedures.

Code Section 304: The Gift That Keeps on Giving

2019 ◽  
Vol 17 (1) ◽  
pp. 25-39
Author(s):  
Doron Narotzki ◽  
Melanie G. McCoskey
Keyword(s):  
Tax Avoidance ◽  
Tax Planning ◽  
Expected Loss ◽  
Legislative Change ◽  
Planning Tools ◽  
The Gift ◽  
Foreign Corporations ◽  
Jobs Act ◽  
The U.S ◽  
Jel Classifications

ABSTRACT The Tax Cuts and Jobs Act (TCJA) has created a unique opportunity to utilize Code Section 304 and Code Section 245A as powerful tax-planning tools. By utilizing the rules established for redemptions between related corporations under the anti-abuse provisions of Code Section 304 combined with the new 100 percent DRD of Code Section 245A, extracting earnings from affiliated foreign corporations tax-free has never been easier. This paper explains how these two code sections interact with each other and the resulting ability to extract certain foreign-sourced earnings tax-free. It also identifies incentives created by the TCJA to operate profitable businesses overseas and expected loss operations in the U.S. Finally, the paper offers a legislative change to close the tax avoidance loophole created by the TCJA. JEL Classifications: H2.

scholarly journals Predicting Italian Wine Quality from Weather Data and Expert Ratings

2019 ◽  
Vol 14 (3) ◽  
pp. 234-251 ◽  
Author(s):  
Alessandro Corsi ◽  
Orley Ashenfelter
Keyword(s):  
Probit Model ◽  
Weather Conditions ◽  
Ordered Probit ◽  
Weather Data ◽  
Ordered Probit Model ◽  
Wine Quality ◽  
Italian Wine ◽  
Quality Ratings ◽  
Expert Ratings ◽  
Jel Classifications

AbstractIn this paper we estimate how a variety of subjective measures of quality taken from the published opinions of several experts on Italian wines (Barolo and Barbaresco) are determined by the weather conditions during the relevant season, in order to assess their reliability. Since these measures of quality are only ordinal, we estimate their determinants using an ordered probit model. The method provides measures of the determinants of vintage quality ratings and suggestions on the reliability of each expert. (JEL Classifications: D12, Q11, Q13)

Mitigating Choice Overload: An Experiment in the U.S. Beer Market

2018 ◽  
Vol 14 (01) ◽  
pp. 48-70 ◽  
Author(s):  
Trey Malone ◽  
Jayson L. Lusk
Keyword(s):  
Product Quality ◽  
Choice Overload ◽  
Negative Consequences ◽  
Search Cost ◽  
Market Interactions ◽  
The U.S ◽  
Jel Classifications

AbstractThis study tests the prevalence of choice overload (CO) in the U.S. beer market. We reveal that even if CO exists, sellers have mechanisms to reduce CO's negative consequences. The article describes the implementation of search cost-reducing private nudges (i.e., product quality scores and prominently listed specials) sellers commonly utilize to minimize CO's negative consequences. Our results suggest that, while CO exists for some buyers, it can be eliminated by market interactions on the part of the seller. (JEL Classifications: C93, D03, Q13)

Performance of Two Immunochemical Assays in the Analysis of Peanuts for Aflatoxin at 37 Field Laboratories

1993 ◽  
Vol 76 (3) ◽  
pp. 637-643 ◽  
Author(s):  
Joe W Dorner ◽  
Paul D Blankenship ◽  
Richard J Cole
Keyword(s):  
Liquid Chromatography ◽  
Assay System ◽  
Department Of Agriculture ◽  
Joint Project ◽  
Rapid Assay ◽  
Additional Information ◽  
Relative Standard ◽  
Standard Deviations ◽  
The Stability ◽  
The U.S

Abstract A study was conducted to measure the precision of 2 rapid aflatoxin assay systems in use at 37 peanut buying points during the 1991 harvest season. Aflatoxin laboratories were established at the 37 buying points to analyze peanut samples from all incoming farmers’ stock loads as part of a joint project sponsored by various segments of the U.S. peanut industry and the U.S. Department of Agriculture. Eighteen laboratories were equipped with Neogen’s veratox FSP rapid assay system, whereas 19 laboratories used Vicam’s Aflatest rapid assay system. To monitor the performance of the field laboratories during the project, 3 portions of each of six 27 kg samples of ground peanuts were sent to each laboratory for analysis over a period of 6 weeks. Aflatoxin concentrations ranged from 0 to 300 ng/g when eight 200 g subsamples of each sample were analyzed by liquid chromatography (LC). For the 5 samples contaminated with aflatoxin, relative standard deviations for repeatability (RSDr) for laboratories using veratox FSP ranged from 18.66 to 53.29%, and the relative standard deviations for reproducibility (RSDR) ranged from 22.79 to 59.29%. For laboratories using the Aflatest system, RSDr values ranged from 18.70 to 41.48%, and RSDR values ranged from 23.84 to 47.56%. Horwitz ratios < 2.0 were found for 4 of the 5 contaminated samples for both methods, indicating that the overall precision of the 2 methods used in the project was good. Mean aflatoxin concentrations, as determined with the rapid assay systems, were generally lower than those determined by LC, particularly for more highly contaminated samples. This could not be attributed to instability of aflatoxin in peanut paste, because additional information gathered in the study indicated that the stability of aflatoxin in peanut paste stored for 58 days was good.

scholarly journals Bikes or Bust? Analyzing the Impact of Bicycle Infrastructure on Business Performance in San Francisco

2019 ◽  
Vol 2673 (12) ◽  
pp. 277-289
Author(s):  
Raleigh McCoy ◽  
Joseph A. Poirier ◽  
Karen Chapple
Keyword(s):  
San Francisco ◽  
Business Performance ◽  
The United States ◽  
Ordinary Least Squares ◽  
Grocery Stores ◽  
Least Squares Regression ◽  
Mode Shift ◽  
Bicycle Infrastructure ◽  
The Impact ◽  
Over Time

Transportation agencies at the local, state, and federal levels in the United States (U.S.) have shown a growing interest in expanding bicycle infrastructure, given its link to mode shift and safety goals. These projects, however, are far from universally accepted. Business owners have been particularly vocal opponents, claiming that bicycle infrastructure will diminish sales or fundamentally change the character of their neighborhoods. Using the case of San Francisco, this research explores the relationship between bicycle infrastructure and business performance in two ways: change in sales over time, and a comparison of sales for new and existing businesses. An ordinary least squares regression is used to model the change in sales over time, isolating the effect of location on bicycle infrastructure while controlling for characteristics of the business, corridor, and surrounding neighborhood. Through a series of t-tests, average sales for businesses that pre-date bicycle infrastructure and for those that opened after the installation of such projects are compared. Ultimately, the research suggests that location on bicycle infrastructure and changes in on-street parking supply generally did not have a significant effect on the change in sales, with a few exceptions. Businesses that sell goods for the home or auto-related goods and services saw a significant decline in sales when located on corridors with bike lanes. New and existing businesses generally had similar sales, though not across the board. New restaurants and grocery stores had significantly higher sales than their existing counterparts, suggesting bicycle infrastructure may attract more upmarket businesses in those industries.

scholarly journals Application of Transient and Dynamic Simulations to the U.S. Army T55-L-712 Helicopter Engine

1996 ◽  
Author(s):  
S. A. Savelle ◽  
G. D. Garrard
Keyword(s):  
Time Dependent ◽  
Limited Information ◽  
Component Level ◽  
Dynamic Simulations ◽  
Engine Operation ◽  
Turbine Engine ◽  
One Dimensional ◽  
Engine Simulation ◽  
Engine Model ◽  
The U.S

The T55-L-712 turboshaft engine, used in the U.S. Army CH-47D Chinook helicopter, has been simulated using version 3.0 of the Advanced Turbine Engine Simulation Technique (ATEST) and version 1.0 of the Aerodynamic Turbine Engine Code (ATEC). The models simulate transient and dynamic engine operation from idle to maximum power and run on an IBM-compatible personal computer. ATEST is a modular one-dimensional component-level transient turbine engine simulation. The simulation is tailored to a specific engine using engine-specific component maps and an engine-specific supervisory subroutine that defines component interrelationships. ATEC is a one-dimensional, time-dependent, dynamic turbine engine simulation. ATEC simulates the operation of a gas turbine by solving the one-dimensional, time dependent Euler equations with turbomachinery source terms. The simulation uses elemental control volumes at the sub-component level (e.g. compressor stage). The paper discusses how limited information from a variety of sources was adapted for use in the T55 simulations and how commonality between the models allowed reuse of the same material. The first application of a new turbine engine model, ATEC, to a specific engine is also discussed. Calibration and operational verification of the simulations will be discussed, along with the status of the simulations.

Cultural Differences in the Perception of Responsibility for Child Safety

1997 ◽  
Vol 41 (2) ◽  
pp. 836-839 ◽  
Author(s):  
Marc L. Resnick ◽  
Adriano Zanotti ◽  
Julie A. Jacko
Keyword(s):  
Product Liability ◽  
The United States ◽  
Consumer Products ◽  
Child Safety ◽  
Minority Populations ◽  
Purchase Decisions ◽  
Cultural Interaction ◽  
Immigrant Populations ◽  
Perceptions Of Safety ◽  
The U.S

Perceptions of safety are an important component of users' evaluations and purchase decisions for many consumer products, especially when it comes to products that may be used by children. In this highly litigious society, a juror's perception of who is responsible for product safety may also become critical in a product liability case. Recent studies have focused on determining which parties the general population perceives as being responsible for accidents involving children. However, given the increase in demographics of minority and immigrant populations in the United States, there may be a cultural interaction which affects these perceptions. This study compares the perceptions of safety responsibility of two of the fastest growing minority populations in the U.S., Hispanics and Asians, to a previous study which quantified that of the general U.S. population. The results show substantial differences in the perceptions of these groups.

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