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Hedonic Functions, Heterogeneous Consumers, and Wine Market Segmentation

Author

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  • Caracciolo, Francesco
  • Furno, Marilena

Abstract

This study extends the classical hedonic price model by taking advantage of the heterogeneity of consumer preferences and testing the existence of different price functions. A finite mixture model identifies consumer segments in the Italian wine market and estimates the hedonic functions within each group. The analysis is extended beyond the mean to the tails of the distribution for each group via quantile regressions. The analysis in classes proves to be more efficient both on average and at the quantiles and presents a more accurate wine market segmentation, unveiling sources of heterogeneity and asymmetry.

Suggested Citation

  • Caracciolo, Francesco & Furno, Marilena, 2020. "Hedonic Functions, Heterogeneous Consumers, and Wine Market Segmentation," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 45(2), March.
    • Handle: RePEc:ags:jlaare:302456
    DOI: 10.22004/ag.econ.302456
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    Cited by:

    1. Roberts, Shane & Brooks, Kathleen & Nogueira, Lia & Walters, Cory G., 2022. "The role of quality characteristics in pricing hard red winter wheat," Food Policy, Elsevier, vol. 108(C).
    2. Oczkowski, Edward, 2021. "Estimating supply functions for wine attributes: a two-stage hedonic approach," Working Papers 321856, American Association of Wine Economists.
    3. Castriota, Stefano & Corsi, Stefano & Frumento, Paolo Dyno & Ruggeri, Giordano, 2021. "Does quality pay off? “Superstar” wines and the uncertain price premium across quality grades," Working Papers 321846, American Association of Wine Economists.
    4. Nicola Casolani & Andrea Ciccarelli & Maria Angela Perito & Emilio Chiodo, 2024. "The Importance of Region of Origin in Sparkling Wines: An International Analysis of Consumers’ Perception," Sustainability, MDPI, vol. 16(1), pages 1-16, January.

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    Keywords

    Demand and Price Analysis;

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