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Does Product Diversity Signal Bargains in Australian Wine?

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  • Horowitz, Ira
  • Lockshin, Larry
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    Abstract

    The residuals from a set of linear regression equations built to explain the quality of a bottle of Australian wine via eight quality signals are examined to determine whether there is any relationship between their signs for individual producers and the diversity of their offerings. Product diversity is found to be a fault-ridden signal of a quality-bargain, which we define as a bottle of wine whose quality rating exceeds its regression-based expectation. Indeed, to the extent that the signal does impart useful information, the message would be that consumers are less likely to get their money's worth the greater is the diversity of the producer's offerings.

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    Bibliographic Info

    Article provided by International Food and Agribusiness Management Association (IAMA) in its journal International Food and Agribusiness Management Review.

    Volume (Year): 09 (2006)
    Issue (Month): 01 ()
    Pages:

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    Handle: RePEc:ags:ifaamr:8204

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    Related research

    Keywords: wine marketing; product diversity; wine quality; predicted quality; quality-bargain; Agribusiness; Marketing;

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    1. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
    2. Victor Ginsburgh, 2003. "Awards, Success and Aesthetic Quality in the Arts," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 99-111, Spring.
    3. Pierre Combris & Sebastien Lecocq & Michael Visser, 2000. "Estimation of a hedonic price equation for Burgundy wine," Applied Economics, Taylor & Francis Journals, vol. 32(8), pages 961-967.
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