Claremont McKenna College


January 21, 97

Vol. 12 , No. 05   


View Entire Issue (Vol. 12 , No. 05)


Anatomy of an Inefficient Market: Wine
ORLEY ASHENFELTER '64
TUESDAY, FEBRUARY 4, 1997

Wine connoisseurs turn up their noses at his work and members of elite wine-tasting circles express open disgust, but Orley Ashenfelter '64 has brought something new to the study of fine wines: economic analysis. Debate on Bordeaux and Cabernet has long been confined to the romantic writings of critics and wine tasters. What could not be deduced by the nose or the pallet has traditionally been left to guesswork for the serious wine collector. Ashenfelter, a Princeton economist and CMC alumnus, is among the first to bring objective study into the field of wine collecting.

According to Ashenfelter, who specializes in labor issues, economics does not receive enough attention in the press. He believes that the economic aspect of most events, like wine collecting, is sadly overlooked. After buying wines for a few years, Ashenfelter was amazed at many simple correlations between wine and weather that are seldom discussed in print.

Ashenfelter's innovative approach to wines and wine purchasing led him to found the Liquid Assets newsletter for wine lovers. The semiannual publication provides objective information on the auction prices of wine around the world. "Wine writers just hate us," says Ashenfelter.

Orley Ashenfelter is an economist who is not afraid to look at unconventional topics and apply numerical analysis to all areas of life, whether fine arts, hotels, or impressionist painters. Please join us for a fascinating discussion of fine wines, economics, and the "Bordeaux equation."




Marian Miner Cook Athenaeum

The Marian Miner Cook Athenaeum was conceived as a place where students and faculty could gather for intellectual discourse in an intimate and relaxed setting and integrate their academic and social lives. Public programs are scheduled Monday through Thursday during the academic year and are publicized through the bi-weekly newsletter, The Fortnightly.

While events are primarily for students, the Athenaeum hosts lunches, dinners, and receptions for academic classes, student organizations, and official functions of the College.

Upcoming Speakers View Full Schedule

Make a Meal Reservation Weekly Dinner Menu

The Fortnightly

The Fortnightly contains program news of the current speakers and topics for the Marian Miner Cook Athenaeum at Claremont McKenna College.

Read Current Issue

Speakers Database

A searchable archive of past Marian Miner Cook Athenaeum speakers with information on topics and links to related Fortnightly issues.

Search the Speaker Database

Follow M.M.C. Athenaeum

Contact

Marian Miner Cook Athenaeum

Claremont McKenna College
385 E. Eighth Street
Claremont, CA 91711

Phone: (909) 621-8244
Fax: (909) 621-8579
Email:

Campus Location

385 E. Eighth Street
Claremont, CA 91711