In the first part, the course provides the basic theoretical tools which will be applied to the wine system analysis.
In the second part, the course aims at making the students understand the structure and the dynamic aspects of wine supply chains, as one of the main elements of the agribusiness system, and as a component of the economic, social and territorial system as well.
The application part of the course aims at giving empirical evidence to the principles of wine economics and to the study of wine supply chains through exercises and cases of study.

Module: Theory
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Introduction to economic theory, agribusiness and wine economics.
The characteristics of the wine supply chains and the international wine trade.
The main macro-economic indicators.
The demand theory. The demand of wine. Wine consumption and market segmentation.
The production theory and the cost theory. The production function and the cost function of wine businesses.
Profit maximisation.
The types of market structures. The structures of wine markets.

Module: Exercises
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Analysis of the main macro-economic indicators.
Representation of wine demand function, production function and cost function for a wine firm. Profit maximisation in the different market structures.
Analysis of cases of study.

Bibliography
Students will have to study:

1) Marks, Denton. Wine and Economics: Transacting the Elixir of Life. Edward Elgar Publishing, 2015
2) J. Sloman-D. Garatt, Microeconomia, Il Mulino, Bologna.

Learning assessment will be performed through an oral exam. The exam consists of a discussion of three/four questions aimed to verify depth and breadth of knowledge, communication skills, ability in critical analyisis and ability in linking the different topics proposed during the course.