Wine price determinants. Is there a homogeneous international standard?
This article presents an international comparison of the main determinants of wine prices in specialist online wine shops. Hedonic price functions were estimated for 9624 wines spread among four datasets from France, Italy, Germany and Australia. To explain price variation data was collected on wine...
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| Format: | Article |
| Language: | English |
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Firenze University Press
2021-04-01
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| Series: | Wine Economics and Policy |
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| Online Access: | https://oaj.fupress.net/index.php/wep/article/view/8879 |
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| author | Tânia Gonçalves João Rebelo Lina Lourenço-Gomes José Caldas |
| author_facet | Tânia Gonçalves João Rebelo Lina Lourenço-Gomes José Caldas |
| author_sort | Tânia Gonçalves |
| collection | DOAJ |
| description | This article presents an international comparison of the main determinants of wine prices in specialist online wine shops. Hedonic price functions were estimated for 9624 wines spread among four datasets from France, Italy, Germany and Australia. To explain price variation data was collected on wine classification, closure type, wine origin, medals or awards, vintage, alcohol content, color, and grape variety. Results from quantile regression models show that the wine vintage is a common price driver in all markets and quantiles. A quite similar effect was found for alcohol content. In terms of color, the implicit prices for red and white wines are also structurally different between countries, particularly in origin, blend, closure, awards and age. Thus, the markets should be assumed as heterogeneous, and the extrapolation of the results from one market to another may lead to erroneous management decisions.
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| format | Article |
| id | doaj-art-4c496685ac6b492f9ac8cbefbe1987a2 |
| institution | Kabale University |
| issn | 2213-3968 2212-9774 |
| language | English |
| publishDate | 2021-04-01 |
| publisher | Firenze University Press |
| record_format | Article |
| series | Wine Economics and Policy |
| spelling | doaj-art-4c496685ac6b492f9ac8cbefbe1987a22025-08-20T03:51:25ZengFirenze University PressWine Economics and Policy2213-39682212-97742021-04-0110110.36253/wep-8879Wine price determinants. Is there a homogeneous international standard?Tânia Gonçalves0João Rebelo1Lina Lourenço-Gomes2José Caldas3University of Trás-os-Montes and Alto Douro, Quinta de Prados, 5001-801 Vila RealUniversity of Trás-os-Montes and Alto Douro, Quinta de Prados, 5001-801 Vila RealUniversity of Trás-os-Montes and Alto Douro, Quinta de Prados, 5001-801 Vila RealUniversity of Trás-os-Montes and Alto Douro, Quinta de Prados, 5001-801 Vila RealThis article presents an international comparison of the main determinants of wine prices in specialist online wine shops. Hedonic price functions were estimated for 9624 wines spread among four datasets from France, Italy, Germany and Australia. To explain price variation data was collected on wine classification, closure type, wine origin, medals or awards, vintage, alcohol content, color, and grape variety. Results from quantile regression models show that the wine vintage is a common price driver in all markets and quantiles. A quite similar effect was found for alcohol content. In terms of color, the implicit prices for red and white wines are also structurally different between countries, particularly in origin, blend, closure, awards and age. Thus, the markets should be assumed as heterogeneous, and the extrapolation of the results from one market to another may lead to erroneous management decisions. https://oaj.fupress.net/index.php/wep/article/view/8879country-based comparisonhedonic analysispricingquantile regression modelsspecialist retailer prices |
| spellingShingle | Tânia Gonçalves João Rebelo Lina Lourenço-Gomes José Caldas Wine price determinants. Is there a homogeneous international standard? Wine Economics and Policy country-based comparison hedonic analysis pricing quantile regression models specialist retailer prices |
| title | Wine price determinants. Is there a homogeneous international standard? |
| title_full | Wine price determinants. Is there a homogeneous international standard? |
| title_fullStr | Wine price determinants. Is there a homogeneous international standard? |
| title_full_unstemmed | Wine price determinants. Is there a homogeneous international standard? |
| title_short | Wine price determinants. Is there a homogeneous international standard? |
| title_sort | wine price determinants is there a homogeneous international standard |
| topic | country-based comparison hedonic analysis pricing quantile regression models specialist retailer prices |
| url | https://oaj.fupress.net/index.php/wep/article/view/8879 |
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