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The purpose of this study is to determine whether the fine wine market is efficient between homogeneous lots and heterogeneous lots.

Auction price data for homogeneous (or solid) lots of fine wines was analyzed to create price prediction models. Those models were used to predict the expected auction price for the bottles within heterogeneous lots. Lastly, models were created to explain and predict the differences between expected and realized prices for heterogenous wine lots.

The results show that large inefficiencies exist. The more complex and expensive the heterogeneous lot, the greater the discount relative to what would have been realized if the bottles had been sold individually. This discount can exceed 50% of the expected auction price.

Heterogeneous lots may arise as a practical requirement from the auction house. Restaurant buyers probably have little interest in such lots because of the inclusion of wines the restaurant will be unable to sell. Collectors may be uniquely positioned to benefit from this price discount.

These results are unique in the literature, because the price dynamics of heterogeneous (or mixed) lots of fine wines have not previously been studied.

Although not yet fully defined, natural wine represents a sector that has gained the widespread attention of final consumers and, therefore, also of the restaurant world, because of its promise of sustainability. The objective of this paper is to understand Italian haute cuisine's interest in natural wine, with the aim of analysing what qualifies this product as sustainable.

After introducing a theoretical framework based on the concept of natural wine, a brief paragraph is dedicated to consumer preferences; subsequently, the analysis focusses on a questionnaire given to restaurateurs to determine the impact that natural wine has had in the Italian context. The results try to identify the importance that restaurateurs give to the characteristics of natural wine and their propensity for using such wine in their own businesses.

The analysis, conducted on a sample of medium-high range restaurants, highlights their strong interest in natural wine, as a result of the final consumers' attitude towards wine with characteristics attributable to sustainability. The positive perception by restaurateurs is similar across Italy, both geographically and in terms of the size of the restaurant.

The originality of the work is the focus on the world of restaurants. To date, the literature on natural wine remains embryonic and always refers to the final consumer. This research is the first step in a broader study that will involve a greater number of restaurants, extending beyond Italy to all of Europe, with the aim of understanding the real development potential of natural wine.

Consumer likeability and willingness to pay (WTP) for two Italian sparkling wines, (Conegliano Valdobbiadene Prosecco DOCG and Prosecco DOC) are evaluated through a non-hypothetical Becker-DeGroot-Marschak (BDM) auction during a wine-tasting experiment. The purpose of this paper is to estimate individual WTP and relate it to likeability for both wines, with and without supplying additional information on their features.

Data were collected in May–June 2019 from a sample of 99 consumers in Northern Italy. A non-hypothetical BDM auction in a wine-tasting experiment was implemented.

The results show that the additional information plays a significant role in widening the WTP gap between the two geographical indications (GIs), while the blind tasting narrows this gap. The “superiority” of the Conegliano Valdobbiadene Prosecco DOCG is confirmed but relies more on its better reputation than its better taste.

The authors are aware of two main limitations in the study. The first is the territorial composition of the consumer sample. The second is the selection of the Prosecco bottles used in the experiment. The results are considered pioneering and need to be verified by additional experiments with different consumer and bottle samples.

Promotional suggestions for the Tutelary Consortia of the two GIs stem from the results. The Prosecco DOC should primarily stress its likeability, while the Conegliano Valdobbiadene Prosecco DOCG should primarily emphasise the reasons for its “superiority”.

To the best of the authors' knowledge, no previous study has related likeability and WTP for similar GI wines produced in contiguous areas. Moreover, the current research has applied a non-hypothetical BDM auction in a wine-tasting experiment.

Among the growing interest towards market segmentation and targeted marketing, the current study adopted a scientometric approach to examine the literature on wine selection and preferences. The current review specifically attempts to shed light on the research that explores the determinants of wine preferences at multiple levels of analysis.

CiteSpace was used to compute a Document Co-Citation Analysis (DCA) on a sample of 114,048 eligible references obtained from 2,846 publications downloaded from Scopus on 24 May 2021.

An optimized network of 1,505 nodes and 4,616 links was generated. Within the network, impactful publications on the topic and thematic domains of research were identified. Specifically, two thematic macro-areas were identified through a qualitative analysis of papers included in the 7 major clusters. The first one - “Methods of Wine Making” - included clusters #0, #3, #5, #6 and #18. The second one - “Consumers' Attitudes and Preferences Towards Wine” - included clusters #1 and #2. The first thematic macro-area included more technical aspects referring to the process of wine making, while the second thematic macro-area focused more on the factors influencing individuals' preferences and attitudes towards wine. To reflect the aims of the current paper, publications giving light to the “Consumers' Attitudes and Preferences Towards Wine” macro-area were analyzed in detail.

The resulting insights may help wine makers and wine sellers optimize their work in relation to market segments and to the factors influencing individuals' purchasing behaviors.

This paper aims to explore the market dynamics that led to a shift in Swedish consumers' alcohol preferences from schnapps to wine. Specifically, the study investigates how the Swedish state influenced consumers' alcohol habits and highlights the role of governance units in shaping consumer culture.

The study reconstructs the historical memory of the “Operation Vin”, a strategic marketing campaign implemented by Systembolaget from 1957 to 1985, to conceptualize the past and to uncover the structures and change dynamics of the Swedish alcohol market system. Following this approach, the research contrasts historical data from multiple sources with market-oriented ethnographical data and traces the trajectory of how the consumption of alcohol has changed as a consequence of the Swedish state’s initiatives.

The study offers two contributions to the literature in marketing and consumption history. Firstly, it uncovers the lines of actions (framing and settlement) involved in creating marketing systems and shaping consumer culture. Secondly, it explores how the state strategically leveraged its social skills to promote a specific type of alcohol consumption (wine) and to induce the Swedish consumer to cooperate in the refashioning of the alcohol field.

The authors aspire for this paper to offer valuable insights into how a state, as a governance entity, can shape consumer culture through a strategic blend of various regulatory measures, both gentle and forceful. The authors emphasize the pivotal role of social skills in fostering cooperation during the implementation of a new alcohol policy.

This paper provides valuable insights into the role of the Swedish state in shaping consumer culture and explores the strategic actions and marketing systems involved, contributing to marketing and consumption history literature.

Wine has been produced for thousands of years and nowadays we have seen a spread in the wine culture. E-commerce sales of wine have increased considerably and online customer's satisfaction is influenced by quality and price. This paper presents a case study of the company “QuieroVinos, S.L.”, an online wine shop founded in 2015 that sells Spanish wines in two main marketplaces.

With the final target of increasing the company profits it has been designed and developed an application to track the prices of competitors for a set of products. This information will be used to set the product prices in order to offer the products both competitively and profitably in each Marketplace. This application must check, by tacking into account information such as the product cost or the minimum product margin, if it is possible to decrease the price in order to reach the top cheapest position and as a consequence, increase the sales.

The application improved in a notorious way the company's results in terms of sales and shipping costs. It must be said that without the use of the presented application, performing the price comparison process within each one of the marketplaces would have taken a long time. Moreover, as prices change very frequently, the obtained information has a very limited time value, and the competitors prices should be analyzed daily in order to take accurate decisions regarding the company's price policy.

Although the application has been designed for the wine sector and the two named marketplace, it could be exported to other sectors. For that, it should be implemented new modules to collect information regarding the competitor's price of the products selling on each corresponding marketplace.

This paper aims to establish the determinants of production in the Spanish Designation of Origin (DO) area for Cava wine and forecasts sales to establish vineyard area variations that maintain market equilibrium.

By applying a vector autoregressive (VAR) model, the authors forecast demand and the consequent requirements for base wine production.

The results show that Cava sales determine the base wine supply. After forecasting demand and the consequent requirements for base wine, the authors’ results show that, to avoid oversupply, the vineyard area for Cava wine should not be increased.

The paper develops a simple and effective method for DOs affected by the current European wine plantation regulations to forecast from a supply and demand perspective and their surface needs in response to market changes.

This study contributes to the literature because, to the best of the authors’ knowledge, no other study has investigated the determinants of Cava supply and demand or defines a model to assess the effects of changes in growing areas. The model is applicable to other European protected designations of origin wines and would help policymakers to accurately establish vine planting authorizations.

The purpose of this systematic review is to highlight some of the business model changes restaurants, bars and beverage producers undertook to modify their operations in order to not only stay in business but also to better serve their employees and communities during the COVID-19 crisis.

An analysis was conducted on 200 industry articles and categorized into three major themes: expansion of take-out/delivery, innovative practices, and community outreach/corporate support, each are further subdivided into additional themes. The systematic review is further supported by personal interviews with industry professionals.

This research finds that there were many different approaches used in adjusting business models in response to the dining restrictions put in place due to COVID-19. From these approaches, themes were developed which resulted in uncovering some suggestions such as developing contingency plans, being flexible and creative, eliminating menu items, investing in a communication platform and getting involved with local government. In addition, some practices operators should be mindful of such as selling gift cards and starting a crowdfund.

This research provides a systematic analysis of business model changes that occurred due to COVID-19 dining restrictions. Researchers can use this information as a guide for further analysis on a specific theme introduced herein.

This research offers several practical implications which will assist the industry should another similar event occur in the future. The systematic analysis describes and documents some suggestions as well as practices to be mindful of in preparing contingency plans for the future.

This research documents an unprecedented time for the hospitality industry by examining how restaurant, bar and beverage producers around the country responded to COVID-19 restrictions. Distilling the multitude of information into succinct themes that highlight the business model changes that occurred will aid future research as well as operators.

This study aims to provide a framework for assessing the technical condition of a house to determine its market value, including the identification of other price-setting factors and their statistical significance. Time on market (TOM) in relation to the technical condition of a house is also addressed.

The primary database contains 631 houses, and the initial asking price and selling price are examined. All the houses are located in the Brno–venkov district in the Czech Republic. Regression analysis was used to test the influence of price-setting factors. The standard ordinary least squares estimator and the maximum likelihood estimator were used in the frame of generalized linear models.

Using envelope components of houses separately, such as the façade condition, windows, roof, condition of interior and year of construction, brings better results than using a single factor for the technical condition. TOM was found to be 67 days lower for houses intended for demolition – as compared to new houses – and 18 days lower for houses to refurbishment.

To the best of the authors’ knowledge, this paper is original in the substitution of specific price-setting factors for factors relating to the technical condition of houses as well as in proposing the framework for professionals in the Czech Republic.

Combining sensory evaluations and hypothetical valuation mechanisms, this study aims to investigate the impact of consumers' product sensory attributes on willingness to pay (WTP) and overall liking for a new apple cultivar.

A sample of non-expert participants (n = 122) evaluated the overall liking and just-about-right (JAR) attributes. A variable transformation approach was applied to make linear and interval regression models between the JAR attributes, overall liking scores and participants' WTP.

The study reveals the high consumer appreciation for the new apple in both hedonic and economic terms. After controlling the anchoring effect's bias, the predicted mean WTP for the new apple cultivar was €3.26 per kilogramme. Crunchiness and flavour significantly affect both participants' overall liking and WTP.

The main limitation is the non-probabilistic sampling procedure, which does not allow for the generalisation of the results. Penalty analysis for JAR attributes in monetary and hedonic terms is beneficial for optimising the product and evaluating its potential in the marketplace.

The findings provide helpful directions for product optimisation in future breeding programmes to ensure the long-term sustainability of the new apple cultivars in the marketplace.

This study provides evidence of the beneficial synergy of mixing sensory-oriented research with the behavioural economics field of study.