Hedonic wine price functions with different prices

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16 Citations (Scopus)

Abstract

This study examines the impact that recommended retail prices, actual market prices and the release of a prominent wine guide have on Australian wine hedonic price estimates, for attributes such as sensory quality, winery reputation and grape region. In general, hedonic price estimates appear to be independent of prices employed. The main identified differences in estimates relate to the size of the producer and some regional impacts. For market prices only, increases in producer size are estimated to reduce prices. This implies the existence of supply chain quantity discounting price practices. The impact of an authoritative wine guide appears to have a negligible influence on prices in Australia. In the absence of market transaction prices, the common practice of employing recommended prices for hedonic wine price estimation is defendable.
Original languageEnglish
Pages (from-to)196-211
Number of pages16
JournalAustralian Journal of Agricultural and Resource Economics
Volume60
Issue number2
Early online date2015
DOIs
Publication statusPublished - 2016

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