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53 The most important input used to produce wine is grapes. This chapter focuses on the economic activity of grape growing, which encompasses three important nonsensory aspects of wine production: grape variety, grape location, and viticulture. Basic knowledge of grapes and viticul- ture is necessary for a fuller appreciation of the nature of the complex wine product, as well as an understanding of wine-fi rm behavior and the wine market. As this chapter will highlight, numerous options are avail- able to commercial vineyards and wine fi rms in growing wine

An Exploration of the U.S. Wine Industry
From the Beginnings to Prohibition
The Search for Tuscany's Noblest Wine
From Prohibition to the Present
A History
Bold, Bright, and Dry
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List of Illustrations ix List of Tables xi Preface xiii Acknowledgments xv Introduction 1 1 The Economic Approach to the Study of Wine 11 2 The Wine Product 34 3 Wine Sensory Characteristics 41 4 Grape Growing 53 5 Grape Markets and Supply Cycles 72 6 Wine Production 83 7 Bulk Wine, Private-Label Wine, and Wine Alcohol 105 8 Wine Distribution and Government Regulation 124 9 The Wine Firm 149 10 Wine-Firm Behavior 180 11 The Wine Consumer and Demand 208 12 The Wine Consumer, Quality, and Price 240 13 The Globalization of Wine 276 Conclusion 299

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c objectives. First, it gives a detailed description of the economic organization of the U.S. wine industry. Information is provided about wine’s unique attributes; grape growing, wine produc- tion, and wine distribution; wine fi rms and consumers; and grape and wine markets. Second, the book uses economic principles to shed light on the behavior of wine producers and consumers in a manner that is accessible to noneconomists as well as students of economics. Lastly, it Preface summarizes fi ndings and presents insights from the growing body of studies

industry. They have higher marginal cost for two reasons: fi rst, they have lower aver- age winemaking ability, and second some are willing to accept higher cost in return for the utility of nonmarket goods associated with grape growing and wine producing. Finally, because they have higher mar- ginal cost and face a downward-sloping demand curve for their wine, they will charge higher prices. The third prediction is that the marginal cost of producing wine will decrease the longer a proprietor operates in the industry. The more experience an owner has making wine