Ecolabels are part of a new wave of environmental policy that emphasizes information disclosure as a tool to induce environmentally friendly behavior by both firms and consumers. Little consensus exists as to whether ecocertified products are actually better than their conventional counterparts. This study seeks to understand the link between ecocertification and product quality. We use data from three leading wine-rating publications (the Wine Advocate, Wine Enthusiast, and Wine Spectator) to assess quality for 74,148 wines produced in California between 1998 and 2009. Our results indicate that ecocertification is associated with a statistically significant increase in wine quality rating. Being ecocertified increases the scaled score of the wine by 4.1 points on average. (JEL Classifications: L15, L66, Q13, Q21, Q56)

This article examines the time-varying risk premium with reference to investments in fine wines. Unlike previous studies, our article focuses on this issue within the context of the financial crisis. To do this, we propose the use of a conditional capital asset pricing model and a multivariate generalized autoregressive conditional heteroskedasticity model on several appellation wines worldwide. We find that Bordeaux fine wines were more volatile during the financial crisis and are less volatile in non-crisis periods. In addition, while the volatility of Burgundy wines is second only to Bordeaux wines, non-French fine wines (Australia, Italy, and USA) exhibit inverse volatility trends to French fine wines. (JEL Classifications: C50, G01, G11, Q13)

In 2008, the European Union (EU) voted to liberalize its system of planting rights, which has strictly regulated vine plantings in the EU. However, after an intense lobbying campaign, the liberalization of the planting rights system was overturned in 2013, and new regulations could create an even more restrictive system. European wine associations have complained about the detrimental effects of the new regulations. There is a precedent in history. In 1726, the French political philosopher and landowner Montesquieu complained to the French king about the prohibition on planting new vines. Montesquieu was not successful in his demands to remove the system of planting rights. Old and recent history suggests that political forces against liberalization of planting rights are very strong. Only the French Revolution in 1789 led to a fundamental liberalization of planting rights. The “liberal period” of the nineteenth century was sustained by the combination of the French Revolution's liberal ideology, the thirst of Napoleon's armies for wine, and diseases that wiped out most of the French vineyards.

That said, in the past and the present, enforcement of planting rights is a major problem. In fact, despite the official restrictions, Montesquieu managed to plant his vines, allowing him to become a successful wine producer and merchant, to travel, and to spend time thinking, discussing, and ultimately writing up his ideas that influenced much of the Western world's constitutions. (JEL Classifications: K23, L51, N43, N54, Q18)

The European Union (EU) is a major producer, importer, and consumer of wine, as well as other alcoholic beverages. Although it is possible to characterize demand for the EU as a whole, there is variation across the 27 countries that make up the EU. This research uses a simple standard model of demand and some descriptive statistics to characterize demand for alcoholic beverages and to identify four separate subgroups within the EU with different characteristics of wine and beer demand. Changing tastes over time turn out to be important in determining demand. (JEL Classifications: D12, F1, F15)

We use rich IRI household- and individual-level data sets to examine the relationships between heart disease and type 2 diabetes with alcohol consumption. We control for a wide variety of potential confounders, including diet quality and lifestyle choices. Beer has long been studied in related literature to ambiguous outcomes. We explore the role of beer consumption in detail by separating craft beer from macrobeer and imported beer. The results indicate that most alcohol types could have protective effects against heart disease and diabetes, with the strongest effects occurring for craft beer and wine. Treating beer as a single, homogenous category in health studies likely leads to measurement error. (JEL Classifications: D12, I12, R20, L66, P36)