Explaining champagne prices in Scandinavia - what is the best predictor?

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Explaining champagne prices in Scandinavia - what is the best predictor?

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Bentzen, Jan () (Department of Economics, Aarhus School of Business)
Smith, Valdemar () (Department of Economics, Aarhus School of Business)

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Abstract

This paper analyses the retail prices of champagnes sold in the Scandinavian countries. Price data for the champagnes contain nearly 380 observations including a range of quality attributes of each champagne. The empirical part of the analysis reveals that the retail prices of champagne can be fairly well explained by a hedonic price function with a degree of explanation corresponding to approximately 60 per cent. However the ratings by the wine experts, in this case Robert Parker, Wine Spectator and to a lesser extent the French ‘1855 Notation’, do just as well in terms of explaining the retail prices of champagnes. Especially the rating of champagnes by Robert Parker seems to be the most influential concerning the sales prices.

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Paper provided by University of Aarhus, Aarhus School of Business, Department of Economics in its series Working Papers with number 07-7.

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Length: 33 pages
Date of creation: 01 Jan 2007
Date of revision:
Handle: RePEc:hhs:aareco:2007_007

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Postal: The Aarhus School of Business, Prismet, Silkeborgvej 2, DK 8000 Aarhus C, Denmark
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Find related papers by JEL classification:
D40 - Microeconomics - - Market Structure and Pricing - - - General
P46 - Economic Systems - - Other Economic Systems - - - Household Behavior
Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General

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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.. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)

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