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The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices

  • Cross, Robin

    (Oregon State University)

  • Plantinga, Andrew J.

    (Oregon State University)

  • Stavins, Robert N.

    (Harvard University)

We examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We find that prices are strongly determined by sub-AVA appellation designations, but not by specific site attributes. These results indicate that the concept of terroir matters economically, although the reality of terroir--as proxied for by locational attributes--is not significant.

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Paper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp11-009.

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Date of creation: Jan 2011
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Handle: RePEc:ecl:harjfk:rwp11-009
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  1. Goldstein, Robin & Almenberg, Johan & Dreber, Anna & Emerson, John W. & Herschkowitsch, Alexis & Katz, Jacob, 2008. "Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings," SSE/EFI Working Paper Series in Economics and Finance 700, Stockholm School of Economics, revised 24 Apr 2008.
  2. Olivier Gergaud & Victor Ginsburgh, 2008. "Natural Endowments, Production Technologies and the Quality of Wines in Bordeaux. Does Terroir Matter?," Economic Journal, Royal Economic Society, vol. 118(529), pages F142-F157, 06.
  3. Orley Ashenfelter & Karl Storchmann, 2010. "Using Hedonic Models of Solar Radiation and Weather to Assess the Economic Effect of Climate Change: The Case of Mosel Valley Vineyards," The Review of Economics and Statistics, MIT Press, vol. 92(2), pages 333-349, May.
  4. Victor Ginsburgh & Olivier Gergaud, 2008. "Endowments, production technologies and the quality of wines in Bordeaux: does terroir matter?," ULB Institutional Repository 2013/13398, ULB -- Universite Libre de Bruxelles.
  5. Veale, Roberta & Quester, Pascale, 2008. "Consumer Sensory Evaluations of Wine Quality: The Respective Influence of Price and Country of Origin," Journal of Wine Economics, Cambridge University Press, vol. 3(01), pages 10-29, March.
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