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Abstract

We 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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File URL: http://www.rff.org/RFF/documents/RFF-DP-11-06.pdf
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Bibliographic Info

Paper provided by Resources For the Future in its series Discussion Papers with number dp-11-06.

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Date of creation: 31 Jan 2011
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Handle: RePEc:rff:dpaper:dp-11-06

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Related research

Keywords: swine; vineyard; hedonic price analysis;

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Find related papers by JEL classification:

• 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

This paper has been announced in the following NEP Reports:

• NEP-AGR-2011-02-12 (Agricultural Economics)
• NEP-ALL-2011-02-12 (All new papers)
• NEP-CUL-2011-02-12 (Cultural Economics)

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1. 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.
2. 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.
3. 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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