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Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?


  • Combris, Pierre
  • Lecocq, Sebastien
  • Visser, Michael


In this paper, the hedonic price technique is applied to Bordeaux wine. In the hedonic function, the authors include not only the 'objective' characteristics appearing on the label of the bottle but also the sensory characteristics of the wine. Their data come from an experimental study in which juries have evaluated and graded a sample of Bordeaux wines. The estimation of the hedonic price equation shows that the market price is essentially determined by the objective characteristics. The estimation of a jury grade equation shows that quality, unlike the market price, is essentially determined by the sensory characteristics. Copyright 1997 by Royal Economic Society.

Suggested Citation

  • Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
  • Handle: RePEc:ecj:econjl:v:107:y:1997:i:441:p:390-402

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    References listed on IDEAS

    1. Eichengreen, Barry & Uzan, Marc, 1992. "The Marshall Plan: Economic Effects and Implications for Eastern Europe and the Former USSR," CEPR Discussion Papers 638, C.E.P.R. Discussion Papers.
    2. Fernandez, Raquel & Glazer, Jacob, 1991. "Striking for a Bargain between Two Completely Informed Agents," American Economic Review, American Economic Association, vol. 81(1), pages 240-252, March.
    3. Anat R. Admati & Motty Perry, 1987. "Strategic Delay in Bargaining," Review of Economic Studies, Oxford University Press, vol. 54(3), pages 345-364.
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