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The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices

  • Robin Cross

    (Oregon State University)

  • Andrew J. Plantinga

    (Oregon State University)

  • Robert N. Stavins

    (John F. Kennedy School of Government, Harvard University, National Bureau of Economic Research, Resources for the Future)

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 Fondazione Eni Enrico Mattei in its series Working Papers with number 2011.12.

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Date of creation: Feb 2011
Date of revision:
Handle: RePEc:fem:femwpa:2011.12
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  1. Olivier Gergaud & Victor Ginsburgh, 2008. "Natural endowments, production technologies and the quality of wines in Bordeaux. Does terroir matter?," ULB Institutional Repository 2013/99266, ULB -- Universite Libre de Bruxelles.
  2. 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.
  3. 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," Journal of Wine Economics, Cambridge University Press, vol. 3(01), pages 1-9, March.
  4. 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.
  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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