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

Author

Listed:
  • David Moroz

    (URCA - Université de Reims Champagne-Ardenne)

  • Bruno Pecchioli

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

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," Post-Print hal-02557958, HAL.
    • Handle: RePEc:hal:journl:hal-02557958
    DOI: 10.1080/13504851.2020.1738323
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    Cited by:

    1. Lennon, Conor & Shohfi, Tom, 2021. "Unbridled spirit: Illicit markets for bourbon whiskey," Journal of Economic Behavior & Organization, Elsevier, vol. 191(C), pages 1025-1045.

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