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How Important is Reputation for New Zealand Wine Makers?

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  • Bicknell, Kathryn
  • MacDonald, Ian
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    Abstract

    The wine industry in New Zealand has been maturing over the past few decades, with consumers becoming more sophisticated and wineries responding by increasing their production of premium varieties. In addition, there have been several legal changes and subsequent changes to the distribution and marketing of wine in New Zealand that have made wine more widely available. It is therefore an interesting and dynamic time to gain a more comprehensive understanding of the relative effects of regional reputation and producer-specific quality on the willingness to pay for domestically produced premium table wine in New Zealand. Previous empirical work suggests that New Zealand consumers rely on both expert opinion and regional reputation when determining their willingness to pay for wine produced domestically. The current paper extends this work by considering the development of a winery's reputation in more detail. Hedonic price analysis is used to determine the price premia associated with a range of indicators of both individual and collective reputation. Preliminary statistical results are presented and interpreted within the context of a growing body of international literature on wine economics.

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    Bibliographic Info

    Paper provided by New Zealand Agricultural and Resource Economics Society in its series 2009 Conference, August 27-28, 2009, Nelson, New Zealand with number 115717.

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    Date of creation: 2009
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    Handle: RePEc:ags:nzar09:115717

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    Web page: http://www.nzares.org.nz/
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    Related research

    Keywords: Hedonic pricing; New Zealand wine; willingness to pay; quality; reputation; Agribusiness; Agricultural and Food Policy; Crop Production/Industries;

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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. 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.
    3. Landon, Stuart & Smith, Constance, 1998. "Quality expectations, reputation, and price," MPRA Paper 9774, University Library of Munich, Germany.
    4. 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.
    5. 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.
    6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    7. G¬łnter Schamel & Kym Anderson, 2003. "Wine Quality and Varietal, Regional and Winery Reputations: Hedonic Prices for Australia and New Zealand," The Economic Record, The Economic Society of Australia, vol. 79(246), pages 357-369, 09.
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