This essay investigates the meaning of “nominal prices” in Adam Smith’s the Wealth of Nations, its contraposition to “real prices,” and the impact of Smith’s nominal prices upon his assessment of the prices of wheat over the centuries. I also consider measure and value in the Wealth of Nations as well as Smith’s threefold standard of measure: labor, wheat, money. Smith chose an unusual measure to investigate prices over time, with nominal prices being referred to a specific quantity of silver. This raises questions about the possible impact of centuries-old debates over debasement and the value of money on Smith’s measurement of value across times.

The stock-to-use ratio (STU) is a widely utilized indicator to assess market conditions and forecast price movements for agricultural commodities. However, before drawing any conclusions, it is essential to empirically investigate the relationship between STU and commodity prices. Using rice as a case study, this research examines the empirical linkage between rice prices and STU, both collectively and individually across 16 leading rice-producing and consuming countries. To do so, the study first employs the panel vector autoregression approach to capture the dynamic interrelationships in a panel data setting, followed by vector autoregression estimation at the individual country level. The results suggest an inverse relationship between rice prices and STU: higher rice prices are associated with lower STU levels (i.e., higher scarcity), and vice versa. Furthermore, the Toda-Yamamoto Granger causality tests indicate that monitoring the STU levels of a select group of influential countries can yield significant insights into global rice export price dynamics. In addition, the analysis highlights the pivotal role of urea fertilizer in maintaining the stability of global rice prices. These findings are particularly relevant in the context of strong government intervention in managing rice stocks in several key rice markets.

By examining the econometric interrelationships of rice export prices of India, Thailand, Vietnam, Pakistan, the U.S., Argentina, Brazil, and Uruguay, this study examines the most influential rice-exporting countries in the international rice export market. The sampled countries are the source of more than 80% of the global rice exports. In the process, this study relies on online data portals of the United Nations and country-level sources for aromatic and non-aromatic rice export price information from India, Pakistan, and Thailand. This study employed the Prais-Winsten and Autoregressive Distributive Lag (ARDL) estimation processes with the error correction procedure. Combining the findings from both models, this study concludes that in terms of interactions, the non-aromatic long-grain rice price of the U.S., and the aromatic rice price of Pakistan are the most correlated prices in the international rice market. Considering the number of countries influenced by the price of a given country, our results indicate that Vietnam is the price leader in the non-aromatic long-grain market, followed by Argentina, Brazil, and India. India, the largest exporter, is the fourth top price leader. In the case of aromatic rice, Thailand is the absolute leader. Many countries in Asia and Africa rely on rice imports to meet domestic demand, where the food security situation is already precarious. Based on the findings, this study suggests closely monitoring rice production and export trends of Vietnam, Argentina, Brazil, India and Thailand to provide early warning when necessary to better manage supply shocks in the international rice market.

Consumers often struggle to make their choice in the highly diversified wine market. With wine being an experience good, consumers must rely on extrinsic characteristics, e.g., information on the label. Thus, easily available quality signals like consumer ratings have become an increasingly useful and widespread tool. Vivino is one of the largest online wine communities with over 60 million users, which have more than doubled since 2018. Hence, users have easy access to peer ratings, while established wine expert ratings are being challenged. This study analyzes data from Vivino to explore factors affecting consumer ratings at different price points, considering several wine attributes like geographical indications, brand, and the so-called “community effect.” We show that there is a small but significant community effect on wine's perceived quality related to its popularity among users of the Vivino community, as well as effects from specific wine attributes. Moreover, we estimate a hedonic quantile model on similar price ranges to compare the effect of the same regressors on wine prices. Results contribute to a better understanding of how different factors affect consumers’ wine evaluations, allowing to compare their effect on the “pure” consumer preference (i.e., consumer ratings) and market value.

Physician-based transparency approaches have been advanced as a strategy for informing patients of the likely financial consequences of using services. The structure of health care pricing and insurance coverage, and the low uptake of existing tools, suggest these approaches are likely to be unwieldy and unsuccessful. They may also generate new ethical challenges.

By analyzing more than 1,400 expert tasting notes, we assess the so-called gender profile of Bordeaux wines. We identify 329 gender-related wine descriptors, with a good balance between masculine and feminine descriptors. Some wines and vintages are described as more feminine than others, but no clear trend over time emerges. Our regression analysis further reveals that more feminine wines receive similar ratings and sell at similar prices as their more masculine counterparts, but they are perceived as having a much more limited aging potential.

When participants in psychophysical experiments are asked to estimate or identify stimuli which differ on a single physical dimension, their judgments are influenced by the local experimental context — the item presented and judgment made on the previous trial. It has been suggested that similar sequential effects occur in more naturalistic, real-world judgments. In three experiments we asked participants to judge the prices of a sequence of items. In Experiment 1, judgments were biased towards the previous response (assimilation) but away from the true value of the previous item (contrast), a pattern which matches that found in psychophysical research. In Experiments 2A and 2B, we manipulated the provision of feedback and the expertise of the participants, and found that feedback reduced the effect of the previous judgment and shifted the effect of the previous item's true price from contrast to assimilation. Finally, in all three experiments we found that judgments were biased towards the centre of the range, a phenomenon known as the “regression effect” in psychophysics. These results suggest that the most recently-presented item is a point of reference for the current judgment. The findings inform our understanding of the judgment process, constrain the explanations for local context effects put forward by psychophysicists, and carry practical importance for real-world situations in which contextual bias may degrade the accuracy of judgments.

In the United States, over 70% of milk production is priced under Federal Milk Marketing Orders (FMMOs). A primary purpose of FMMOs is to facilitate orderly allocation of milk as a limited, perishable resource among alternative uses. Fundamental to FMMOs are the regulatory prices applicable to milk used in cheese and whey (Class III), and nonfat dry milk and butter (Class IV). This work examines a novel milk pricing method based on the concept of opportunity cost for milk used in cheese and whey. This novel method may improve the functioning of FMMOs and the U.S. dairy industry.

We use data from Wine Spectator on 266,301 bottles from 12 countries sold in the United States to investigate the link between the score awarded by the guide and the price charged. The link between quality and price is positive, in line with the literature. In a deeper inspection, however, hedonic regressions show that the price premium attached to higher quality is significant only for “superstar” wines with more than 90 points (on a 50–100 scale), while prices of wines between 50 and 90 points are not statistically different from each other. Furthermore, an analysis performed through normal heteroskedastic and quantile regression models shows that the dispersion of quality-adjusted prices is described by an asymmetric U-shaped function of the score; that is, products with the lowest and highest quality have the highest residual standard deviation. Pursuing excellence is a risky strategy; the average price is significantly higher only for wines that achieve top scores, and the price premium becomes more volatile.

University food environments influence dietary behaviours of attending young adults (aged 18–35 years). The present study aimed to determine if price-reduced meals are associated with high purchase volumes at food outlets (n 5) in a large urban university. The university food outlet customers: university staff and students (n 244) were surveyed about their food choice determinants and their awareness of a price-reduced meal initiative called ‘Budgie Meals’. Itemised sales of ‘Budgie Meals’ and other meals across 3 years were collected. The ‘Budgie Meals’ were nutritionally analyzed. The χ2 and Mann–Whitney U tests were used to analyze quantitative survey responses. An open-ended item was thematically analyzed. Itemised sales of ‘Budgie Meals’ were measured across 3 years and were analyzed using the analysis of variance. The ‘Budgie Meals’ were nutritionally analyzed and categorised as ‘green,’ ‘amber’ or ‘red’ using the National Healthy Food and Drink Policy. Price was considered the most significant barrier to healthy food purchases. The awareness of the ‘Budgie Meal’ initiative was poor. The ‘Budgie Meal’ had higher sales volumes at each outlet than other items, but the sales showed a downward trend across the years. Nutritional analyses revealed that ‘Budgie Meals’ could be improved. The researchers suggested nutritional improvements to food retailers. Further research is required to assess the viability of implementing such nutritional improvements across food outlets. Specifically, collaboration with retailers and customers is needed to establish the economic feasibility, any potential revenue losses and testing taste acceptability of recipe alterations to these price-reduced meals.