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Wine Quality and Regional Reputation: Hedonic Prices for Australia and New Zealand

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  • Schamel, Guenter
  • Anderson, Kym

Abstract

We estimate hedonic price functions for premium wine from Australia and New Zealand, differentiating implicit prices for sensory quality ratings, wine varieties, and regional as well as brand reputations over the vintages 1992 to 1998. For Australia, the results suggest regional reputations in general are becoming increasingly significant through time, indicating an intensifying regional quality differentiation. As well, some specific cool-climate regions (e.g. Adelaide Hills, Tasmania) are becoming increasingly preferred over other regions. Price premiums based on brand reputation also are shown to be significant. For New Zealand, regional quality differentiation is considerably less significant than is the case in Australia, which raises the question as to why. (Is there scope for more regional promotion there?) In both countries, price premiums for James Halliday’s sensory quality ratings are highly significant and have remained so over time.

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Bibliographic Info

Paper provided by Australian Agricultural and Resource Economics Society in its series 2001 Conference (45th), January 23-25, 2001, Adelaide with number 125877.

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Date of creation: Jan 2001
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Handle: RePEc:ags:aare01:125877

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Related research

Keywords: Wine quality; regional reputation; brand reputation; hedonic pricing; Demand and Price Analysis; C50; D12; Q13;

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References

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  1. Landon, Stuart & Smith, Constance, 1998. "Quality expectations, reputation, and price," MPRA Paper 9774, University Library of Munich, Germany.
  2. Arguea, Nestor M. & Hsiao, Cheng, 1993. "Econometric issues of estimating hedonic price functions : With an application to the U.S. market for automobiles," Journal of Econometrics, Elsevier, vol. 56(1-2), pages 243-267, March.
  3. Oczkowski, Edward A., 1994. "A Hedonic Price Function For Australian Premium Table Wine," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 38(01), April.
  4. A. Golan & H. Shalit, 1993. "Wine Quality Differentials In Hedonic Grape Pricing," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(2), pages 311-321.
  5. Oczkowski, Edward, 2001. "Hedonic Wine Price Functions and Measurement Error," The Economic Record, The Economic Society of Australia, vol. 77(239), pages 374-82, December.
  6. Byron, R P & Ashenfelter, Orley, 1995. "Predicting the Quality of an Unborn Grange," The Economic Record, The Economic Society of Australia, vol. 71(212), pages 40-53, March.
  7. 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.
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Cited by:
  1. Preszler, Trent L. & Schmit, Todd M., 2008. "Modeling Perceptions Of Locally Produced Wine Among Restaurateurs In New York City," Working Papers 45503, American Association of Wine Economists.
  2. Anderson, Kym & Norman, David & Wittwer, Glyn, 2002. "Globalization of the Worlds Wine Markets," CEPR Discussion Papers 3169, C.E.P.R. Discussion Papers.
  3. Egon Franck & Martin Kukuk & Stefan Winter, 2004. "Weininvestment- Profitieren Anleger von der Berücksichtigung öffentlich zugänglicher Informationen?," Working Papers 0030, University of Zurich, Institute for Strategy and Business Economics (ISU).
  4. Kleynhans, Theo E. & Opperman, J.M., 2005. "Determination of priorities of buyers regarding value contributing characteristics of farm land in the Stellenbosch District, South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 44(4), December.
  5. Schamel, Guenter, 2002. "California Wine Winners: A Hedonic Analysis Of Regional And Winery Reputation Indicators," 2002 Annual meeting, July 28-31, Long Beach, CA 19864, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Schamel, Guenter, 2002. "Focussing on Consumer Attention: Price-Quality Relationships and Reputation Indicators," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24933, European Association of Agricultural Economists.
  7. James J. Fogarty, 2002. "Why is Expert Opinion on Wine Valueless?," Economics Discussion / Working Papers 02-17, The University of Western Australia, Department of Economics.

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