0000000000092336
AUTHOR
Marie-claude Pichery
L'impact de l'information sur le résultat d'une vente aux enchères expérimentale de vin
This paper reports the results of an experimental wine auction. Participants of the experiment were randomly assigned to three rooms. In each room four wines had to be evaluated, but the level of information to which participants had access differed across rooms. After the evaluations, the wines were sold sequentially, by four separate Vickrey auctions with secret reservation prices. We fi nd that certain socio-economic characteristics such as gender, income and consumption habits, have a signifi cant impact on the willingness to pay for wine, while others such as age and nationality, do not. We also fi nd that once individuals have read the label characteristics and extracts from wine guid…
L'offensive des vins anglais
International audience
Naturally constrained reduced form and stuctural parameters estimation
To characterize such a situation, we introduce the concept of a "natural constraint", which is presented and discussed is section 1 of the present paper. Section 2 is concerned with the efficient estimation of the naturally constrained reduced form. From it, we derive efficient estimators of the structural parameters (by indirect GLS) and propose a simple test of the a priori restrictions. In section 3 we discuss estimation by 2SLS. In addition to the resultsobtained by Turkington and Pesaran, we develop a 2SLS-GLS estimator and assess its asymptotic properties. Several full information estimatorsof the 3SLS type are presented and compared in section 4 and some efficiency aspects of the ins…
Les coûts de production de vins d'AOC en Bourgogne
The characteristics of the production process of wine in Burgundy are the small size of the viticultural holdings and the fact that each vine-grower cultivates several patches in different villages, which permits them to produce wines belonging to one of the four hierarchical levels in the "guaranteed vintage" system (AOC). Such an organization incites to define the concept of "vintage portfolio" associated with each viticultural holding.The aim of our paper is to verify if the behaviour of the vine- growers leads them to have production costs (here the cost of grapes) that depend on the one hand on their vintage portfolio and on the other hand on their stategy. Concerning this last element…
Wine - investment: a profitable alternative investment or a simple long term pleasure?
International audience; The purpose of this work is twofold: - to make a first historic analysis of performance through an investment in wine by comparing its performance with those that would have been possible to obtain at the same time by providing financial term investments; - to introduce the regional diversity of performance by considering the situation in the three selected geographic areas.
Agreement and disagreement between expectations and realizations
The objective of the paper is to measure the intensity of the relation between expectations and realizations for strategic variables of firms, such as production, demand or prices. An anticipation error reveals a disagreement which can be associated with the rational expectations hypothesis. The agreement coefficient between classifications, given by COHEN (1968) and LIGHT (1971) and calculated from a probability matrix, is used to define a direct measure of the disagreement between classifications. Comparison of the coefficients is used to test the rational expectations hypothesis.The coefficients are applied to business survey data of INSEE for France between 1974 and 1986.
Les climats de Bourgogne aujourd'hui - leur place dans l'économie régionale
National audience
Exploring the finance-real economy link in U.S.: an empirical evidence from panel unit root and cointegration analysis
International audience
Les modèles de classe ARC
The aim of this document is a presentation of the Arch process which allows a new and powerful technic for modelling behaviour on financial markets. From the seminal paper of ENGLE (1982), numerous extensions were proposed to adapt this specification of the Arch process to particular situations. These models are presented here, with adapted estimation methods and some appropriate tests.
Rational expectations behaviour of households : indicators, measures and tests
The analysis of household survey data regularly conducted by INSEE from 1973 to 1994 allows to detect behaviors about anticipation and perception purpose concerning price and employment. The nature of available information offers the opportunity first to develop a rational expectation test for qualitative data, then to point out expectation errors associated to optimistic and/or pessimistic attitudes for the evolution of these two economic variables. The paper provides a series of synthetic and desegregated indicators (developed usually by psychologists, sociologists, economists, ...) then rational expectation tests and correct anticipation tests. Empirical results permit to establish rathe…
Du territoire géographique au territoire économique : la situation de la viticulture
Through time and space, the construction of the wine territories reveals them as subjects of economic issues. The analysis of these economic issues mobilizes traditional concepts (theory of comparative advantages) and more moderns (new economic geography). Thus, we progress gradually from the geographical territory with numerous dimensions (subsoil, soil, vegetation…) to the concept of economic territory of which the use by the wine growing refers to the traditional factors of structuring and the use of space (ground, population, financing, nature, …). Considering the use of these various factors within a region, a country or / and between several countries requires: (1) to consider the int…