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 National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16762.
Date of creation: Feb 2011
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Other versions of this item:
- 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," Working Papers 2011.12, Fondazione Eni Enrico Mattei.
- Cross, Robin & Plantinga, Andrew J. & Stavins, Robert N., 2011. "The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices," Working Paper Series rwp11-009, Harvard University, John F. Kennedy School of Government.
- 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.
- C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
- Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
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- Goldstein, Robin & Almenberg, Johan & Dreber, Anna & Emerson, John W. & Herschkowitsch, Alexis & Katz, Jacob, 2008.
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- 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.
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