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Hedonic wine price functions with different prices

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  • Oczkowski, Edward

Abstract

This study examines the impact that recommended retail prices, actual market prices and the release of a prominent wine guide have on Australian wine hedonic price estimates, for attributes such as sensory quality, winery reputation and grape region. In general, hedonic price estimates appear to be independent of prices employed. The main identified differences in estimates relate to the size of the producer and some regional impacts. For market prices only, increases in producer size are estimated to reduce prices. This implies the existence of supply chain quantity discounting price practices. The impact of an authoritative wine guide appears to have a negligible influence on prices in Australia. In the absence of market transaction prices, the common practice of employing recommended prices for hedonic wine price estimation is defendable.

Suggested Citation

  • Oczkowski, Edward, 2016. "Hedonic wine price functions with different prices," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(2), April.
  • Handle: RePEc:ags:aareaj:292446
    DOI: 10.22004/ag.econ.292446
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    File URL: https://ageconsearch.umn.edu/record/292446/files/ajar12112.pdf
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    Cited by:

    1. Edward Oczkowski, 2016. "Analysing Firm-level Price Effects for Differentiated Products: The Case of Australian Wine Producers," Australian Economic Papers, Wiley Blackwell, vol. 55(1), pages 43-62, March.
    2. Jean-Marie Cardebat & Paola Corsinovi & Davide Gaeta, 2018. "Do Top 100 wine lists provide consumers with better information?," Economics Bulletin, AccessEcon, vol. 38(2), pages 983-994.
    3. Eduardo A. Haddad & Patricio Aroca, Pilar Jano, Ademir Rocha, Bruno Pimenta, 2019. "A Bad Year? Climate Variability and the Wine Industry in Chile," Working Papers, Department of Economics 2019_37, University of São Paulo (FEA-USP).

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