1. Who Profits from Global Warming? Producer vs. Retail Prices in Germany Karl Storchmann New York University & KEDGE Business School Bordeaux

2. Wholesale and Retail Prices Sketch

3. Marginal Effects

4. Wine Prices for Mosel, Rheingau and Nahe 1994-2001 Retail Prices (Gault Millau Wine Guide, n= 10412) Wholesale Prices for winery (Wine Fair Mainz, n=1210) n=1105

6. Distribution of Wholesale Prices

7. Distribution of Retail Prices

10. Marginal Age Effects for Price Quantiles Wholesale and Retail Prices

11. Marginal Temperature Effects for Price Quantiles Wholesale and Retail Prices

12. Marginal Effects of Temperature and Age on Retail Margins

15. Marginal Impact of Growing Season Temperatures on Percentage Retail Margins by Price Quantile