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¿Qué explica el precio del vino? Análisis hedónico del mercado de alta calidad

Author

Listed:
  • Ignacio Benito Amaro
  • Gustavo Ferro

Abstract

Se establece una relación entre precios de vinos de alta gama y sus determinantes. Se responde a las preguntas ¿Qué explica el precio de los vinos de alta calidad? ¿Cómo influyen en el precio elementos que están (en buena parte, aproximadamente o escasamente) en manos de los productores? Para ello, se construye una base de datos de trece años de los 100 mejores vinos que anualmente selecciona la publicación Wine Spectator. Con ella se estima una regresión de precios hedónicos. Se identifican bodegas, orígenes y un país, cuyos vinos están “sobrevalorados” o “subvalorados” respecto a lo que el modelo indica. We determine a relationship between high quality wines and its drivers. We answer the questions: What variables explain high-quality wine prices? How do certain factors (highly, slightly or scarcely) under control of the suppliers, influence prices? To respond, we build a database with thirteen years of the best 100 wines annually ranked in Wine Spectator magazine. With the database we estimate a hedonic price regression. We also identify wineries, origins and a country whose wines are “overvalued” or “undervalued” with respect to model’s predictions.

Suggested Citation

  • Ignacio Benito Amaro & Gustavo Ferro, 2016. "¿Qué explica el precio del vino? Análisis hedónico del mercado de alta calidad," CEMA Working Papers: Serie Documentos de Trabajo. 593, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:593
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    References listed on IDEAS

    as
    1. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, March.
    2. Stiglitz, Joseph E, 1969. "A Re-Examination of the Modigliani-Miller Theorem," American Economic Review, American Economic Association, vol. 59(5), pages 784-793, December.
    3. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
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    More about this item

    Keywords

    wine; hedonic prices;

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • L66 - Industrial Organization - - Industry Studies: Manufacturing - - - Food; Beverages; Cosmetics; Tobacco

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