IDEAS home Printed from https://ideas.repec.org/a/taf/applec/v50y2018i32p3464-3476.html
   My bibliography  Save this article

Modelling prices and the reputation of individual named wines

Author

Listed:
  • Edward Oczkowski

Abstract

This article develops empirical models to assess the relation between the reputation of an individual named wine and its price. Unrestricted and polynomial distributed lag models are used to assess the impact of past expert quality ratings on the prices of Australian premium wines. Results point to the practical unimportance of current wine quality scores impacting prices and suggest that quality score lag effects up to six years may be important. The largest individual lagged impact of quality on price is estimated to occur at approximately two years, and prices are estimated to increase by more than 10% over six years for a one-point quality score increase. A procedure for identifying potential wine price bargains based on a comparison of price predictions from estimated wine reputation and current quality measures is illustrated. The implications of the findings for wine producers are also discussed.

Suggested Citation

  • Edward Oczkowski, 2018. "Modelling prices and the reputation of individual named wines," Applied Economics, Taylor & Francis Journals, vol. 50(32), pages 3464-3476, July.
    • Handle: RePEc:taf:applec:v:50:y:2018:i:32:p:3464-3476
    DOI: 10.1080/00036846.2017.1422599
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/00036846.2017.1422599
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/00036846.2017.1422599?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Philippe Masset & Jean‐Philippe Weisskopf, 2022. "At what price should Bordeaux wines be released?," Economic Inquiry, Western Economic Association International, vol. 60(1), pages 392-412, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:applec:v:50:y:2018:i:32:p:3464-3476. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RAEC20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.