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Transaction price vs. ask price in hedonic regressions: evidence from the vintage scotch whisky market

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  • David Moroz
  • Bruno Pecchioli

Abstract

This paper examines the impact that ask prices and transaction prices have on vintage whisky hedonic price estimates, following a recent paper by Moroz and Pecchioli, who focus solely on ask prices. In general, the results suggest that whisky price estimates are independent of prices employed, with the main differences relating to the economic impact of certain variables. More precisely, bottle owners tend to overestimate the effect of some whisky characteristics (bottle age, non-dilution of the whisky) on price, which may be explained by the youth of the whisky investor market.

Suggested Citation

  • David Moroz & Bruno Pecchioli, 2021. "Transaction price vs. ask price in hedonic regressions: evidence from the vintage scotch whisky market," Applied Economics Letters, Taylor & Francis Journals, vol. 28(2), pages 129-132, January.
    • Handle: RePEc:taf:apeclt:v:28:y:2021:i:2:p:129-132
    DOI: 10.1080/13504851.2020.1738323
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    Cited by:

    1. Pecchioli, Bruno & Moroz, David, 2023. "Do geographical appellations provide useful quality signals? The case of Scotch single malt whiskies," Economic Modelling, Elsevier, vol. 124(C).
    2. Jacobo Núñez & David Martín‐Barroso & Francisco J. Velázquez, 2024. "The hedonic price model for the wine market: A systematic and comparative review of the literature," Agricultural Economics, International Association of Agricultural Economists, vol. 55(2), pages 247-264, March.
    3. Lennon, Conor & Shohfi, Tom, 2021. "Unbridled spirit: Illicit markets for bourbon whiskey," Journal of Economic Behavior & Organization, Elsevier, vol. 191(C), pages 1025-1045.
    4. Fromentin, Vincent & Pecchioli, Bruno & Moroz, David, 2024. "Time-varying causality among whisky, wine, and equity markets," Finance Research Letters, Elsevier, vol. 63(C).

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