The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices
AbstractWe examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We find that prices are strongly determined by sub-AVA appellation designations, but not by specific site attributes. These results indicate that the concept of terroir matters economically, although the reality of terroir--as proxied for by locational attributes--is not significant.
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Bibliographic InfoPaper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp11-009.
Date of creation: Jan 2011
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Other versions of this item:
- Robin Cross & Andrew J. Plantinga & Robert N. Stavins, 2011. "The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices," Working Papers 2011.12, Fondazione Eni Enrico Mattei.
- Cross, Robin & Plantinga, Andrew J. & Stavins, Robert Norman, 2011. "The Value of Terroir: Hedonic Estimation of Vineyard Sales Prices," Scholarly Articles 4686411, Harvard Kennedy School of Government.
- Robin Cross & Andrew J. Plantinga & Robert N. Stavins, 2011. "The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices," NBER Working Papers 16762, National Bureau of Economic Research, Inc.
- Cross, Robin & Plantinga, Andrew J. & Stavins, Robert N., 2011. "The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices," Discussion Papers dp-11-06, Resources For the Future.
- C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
- Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
This paper has been announced in the following NEP Reports:
- NEP-AGR-2011-02-05 (Agricultural Economics)
- NEP-ALL-2011-02-05 (All new papers)
- NEP-CUL-2011-02-05 (Cultural Economics)
- NEP-RES-2011-02-05 (Resource Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Orley Ashenfelter & Karl Storchmann, 2010. "Using Hedonic Models of Solar Radiation and Weather to Assess the Economic Effect of Climate Change: The Case of Mosel Valley Vineyards," The Review of Economics and Statistics, MIT Press, vol. 92(2), pages 333-349, May.
- Goldstein, Robin & Almenberg, Johan & Dreber, Anna & Emerson, John W. & Herschkowitsch, Alexis & Katz, Jacob, 2008.
"Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings,"
Working Paper Series in Economics and Finance
700, Stockholm School of Economics, revised 24 Apr 2008.
- Goldstein, Robin & Almenberg, Johan & Dreber, Anna & Emerson, John W. & Herschkowitsch, Alexis & Katz, Jacob, 2008. "Do More Expensive Wines Taste Better? Evidence From A Large Sample Of Blind Tastings," Working Papers 37328, American Association of Wine Economists.
- Victor Ginsburgh & Olivier Gergaud, 2008. "Endowments, production technologies and the quality of wines in Bordeaux: does terroir matter?," ULB Institutional Repository 2013/13398, ULB -- Universite Libre de Bruxelles.
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