Pierre Mérel, University of California, Davis
Don’t Bottle Lemons: A Brief History of the Regulation of Fine Wines in France
Date and Location
Tuesday, November 4, 2014, 4:10 PM - 5:30 PM
ARE Conference Room, 2102
Social Sciences and Humanities
Abstract
The presentation will expose how the famed system of wine "controlled appellations" emerged in France during the first half of the twentieth century as a response to severe information asymmetries, enabling the development of the market for fine wines. Historical facts will be presented through the lens of information economics in an attempt to demonstrate that the market for fine wines represents a prime
illustration of George Akerlof’s "market for lemons."
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