The ECON228 Study Tour to South America course provides students with the opportunity to travel to Chile and, in some years, to Argentina to learn about the business of producing and selling wine.
ECON228 uses economic thinking to understand many aspects of the wine business, such as the complexities of the demand for wine as an experience, luxury, addictive and investment good, how asymmetric information affects the wine market, the incentive for wineries to engage in horizontal and vertical differentiation, the choice wineries make to vertically integrate the various stages of production vs. outsourcing some and the market structure in the industry.
After learning the theory, students can see how it applies in practice during our winery visits. We visit wineries in Waipara in New Zealand, in the Maipo Valley and the Casablanca Valley in Chile and, in some years, in Mendoza in Argentina. The students also see a variety of other business models in the wine industry, including an online wine subscription business and an urban winery hotel that outsources all of its grape growing.
The study tour allows students to gain first-hand experience in the industry and to learn about the intricacies of viticulture and winemaking as well as the cultures and business environments of Chile and Argentina, which is essential for understanding the business of selling wine. As a happy by-product, students are likely to gain an appreciation for fine wine.
What our students say about their study tour experiences
"I got a huge amount out of the course both academically and experiencing different cultures. It has certainly inspired me to go back to South America again. What I learned about the wine industry is directly applicable here in New Zealand and across other similar industries, and certainly makes the content very employable. I have come away learning a lot in the field of economics, having experiences living overseas, made many new friends, both from the UC group and Chilean, and have been motivated to spend more time in Latin America." – Andrew Besuyen (2018 alumni)
"This experience was invaluable and has opened my eyes to the possibilities that my future career holds. It has highlighted my personal strengths and weaknesses and given me insight into another culture and way of life. I particularly enjoyed the winery visits and the multiple museum visits in South America." – Alyssa Tomlinson (2018 alumni)
"The tour was a fantastic and unforgettable experience for everyone involved. Travelling to Chile meant we could see the industry we were studying first-hand, such that our learning experience was much richer and more beneficial than it would have been if we had studied the exact same course topics in a classroom on campus. I also learnt a lot about South American culture (particularly that of Chile) during the tour, as well as a bit more about myself."– Aaron Jones (2018 alumni)
