scholarly journals Wine price determinants. Is there a homogeneous international standard?

2021 ◽  
Vol 10 (1) ◽  
pp. 33-55
Author(s):  
Tânia Gonçalves ◽  
João Rebelo ◽  
Lina Lourenço-Gomes ◽  
José Caldas
Keyword(s):  
Regression Models ◽  
Hedonic Price ◽  
Grape Variety ◽  
Alcohol Content ◽  
Price Variation ◽  
Variation Data ◽  
Price Determinants ◽  
Main Determinants ◽  
Implicit Prices ◽  
Price Functions

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. 

The Importance of Australian Corporate Brand and Grape Varietal Wines: Hedonic Pricing in the British Columbia Wine Market

2008 ◽  
Vol 3 (2) ◽  
pp. 194-204 ◽  
Author(s):  
Richard Carew ◽  
Wojciech J. Florkowski
Keyword(s):  
British Columbia ◽  
Hedonic Pricing ◽  
Jel Classification ◽  
Hedonic Price ◽  
Grape Variety ◽  
Alcohol Content ◽  
Data Set ◽  
Positive Effects ◽  
Price Functions ◽  
Corporate Brands

AbstractA hedonic analysis is applied to a unique data set of Australian wines imported by the British Columbia Liquor Distribution Branch. The data included the important corporate red wine brands produced in Australia. Hedonic price functions are estimated for red Australian wines to show how price premia associated with the attributes of wine brands including the grape variety and alcohol content differ by corporate brands. Results show the positive effects on price of highly reputable brands, positive effect of grape variety Shiraz, and premia for alcohol content. (JEL Classification: D49, L15, L66, QII)

Hedonic Price Functions and Wine Price Determinants: A Review of Empirical Research

2020 ◽  
Vol 18 (2) ◽  
Author(s):  
Jean-François Outreville ◽  
Eric Le Fur
Keyword(s):  
Empirical Research ◽  
Time Horizon ◽  
Selection Process ◽  
Public Information ◽  
Production Costs ◽  
Hedonic Price ◽  
Price Determinants ◽  
Price Functions

AbstractThe objective of this paper is to present a descriptive review of all the studies published on wine price determinants. The selection process has been carefully designed to assure that we cover the complete literature of hedonic price functions and wine price determinants. Because of the heterogeneity among these studies, the objective was to classify all the determinants in clusters related to geographical and agricultural factors, time horizon, public information and, supply factors (production costs and volume of production).For this review, we have identified a list of 117 papers published on price determinants over the period 1993 to 2018.

Hedonic Price Analysis in Food Markets

2011 ◽  
pp. 151-180 ◽  
Author(s):  
Marco Costanigro ◽  
Jill J. Mccluskey
Keyword(s):  
Large Data ◽  
Data Sets ◽  
Hedonic Price ◽  
Long Term Effects ◽  
Food Markets ◽  
Regulatory Policies ◽  
Hedonic Price Analysis ◽  
Trade Offs ◽  
Price Relationship ◽  
Implicit Prices

This article presents the basic theory of hedonic modeling, its empirical application and relevance, and the principal limitations and challenges. Agricultural economists have long utilized the hedonic price relationship, and the hedonic price technique has been utilized to estimate the implicit prices of attributes for numerous food products. It provides a framework of the hedonic models that can be used to quantify the long-term effects of exogenous shocks on quality, or implementation of regulatory policies. This article discusses the whole armamentarium of econometric models and methods familiar to applied economists, including parametric, semi-parametric, and non-parametric approaches. The objective is to describe briefly each econometric model within the hedonic context and provide an understanding of the implications and trade-offs inherent to the choice of each alternative. This is a fruitful area of research with increased customization of products and the increasing availability of large data sets.

Retail strategies for rosé wines in Italy: a hedonic price analysis

2019 ◽  
Vol 31 (3) ◽  
pp. 282-302 ◽  
Author(s):  
Luca Rossetto ◽  
Luigi Galletto
Keyword(s):  
Model Performance ◽  
Hedonic Model ◽  
Hedonic Price ◽  
Hedonic Analysis ◽  
Grape Variety ◽  
Content Type ◽  
Hedonic Price Analysis ◽  
The Usa ◽  
Data Survey ◽  
Rosé Wine

Purpose The purpose of this paper is to analyze the market of rosé wines in Italy, to outline retail strategies and to investigate to what extent the price is affected by branding these wines. Design/methodology/approach A survey has been carried out on retailers by collecting data about wines as intrinsic attributes (grape variety, blending, origin, alcohol content, etc.) and extrinsic attributes (brand, price, packaging, etc.) and about outlet and retail environment. The hedonic analysis required a rearrangement of data survey, while a Box-Cox transformation allowed to control the strong heteroskedasticity detected of the data. Findings Results provide strategies for still, semi-sparkling and sparkling rosé market segments. Still rosé wines are strongly differentiated, while the price is affected by the appellation, grape variety, blending, brand and outlet features. Two main strategies are suggested: the first focuses on appellations endorsing consumer’s brand loyalty; the second is driven by retailers while involving weaker brands. Different pictures emerged for semi-sparkling and sparkling wines, as producers and retailers tend to follow consumer’s preferences for fresh and easy drinking wines as well as to extend the product assortment. Research limitations/implications Results for sparkling rosé wines cannot be generalized. The high fragmentation hinders the hedonic model performance in capturing the price effects of brands, appellations, grape variety and wine blend. Practical implications The hedonic analysis provides suggestions for rosé wine producers that should reinforce their brand through associations among intrinsic attributes, such as appellation, and extrinsic ones, such as price, while satisfying retailer requirements. Originality/value The paper contributes to the knowledge base about the Italian rosé wine market, which is mostly export-oriented. Model results help to understand why the domestic consumption is stagnant with respect to other countries such as France or the USA.

HEDONIC PRICE FUNCTIONS

1975 ◽  
Vol 13 (2) ◽  
pp. 157-178 ◽  
Author(s):  
ROBERT E.B. LUCAS
Keyword(s):  
Hedonic Price ◽  
Price Functions

On the Issue of Functional Form Choice in Hedonic Price Functions: Further Evidence

1997 ◽  
Vol 21 (5) ◽  
pp. 759-765 ◽  
Author(s):  
John M. Halstead ◽  
Rachel A. Bouvier ◽  
Bruce E. Hansen
Keyword(s):  
Functional Form ◽  
Hedonic Price ◽  
Price Functions

Phenolic Compounds in Merlot Wines Obtained Through Different Technologies in Iaşi Vineyard, Romania

2012 ◽  
Vol 45 (4) ◽  
pp. 89-98 ◽  
Author(s):  
Şt. Tudose-Sandu-Ville ◽  
V.V. Cotea ◽  
Cintia Colibaba ◽  
B. Nechita ◽  
M. Niculaua ◽  
...  
Keyword(s):  
Phenolic Content ◽  
Climatic Conditions ◽  
Total Phenolic ◽  
Grape Variety ◽  
Extraction Technology ◽  
Alcohol Content ◽  
Thermal Methods ◽  
Grape Skins ◽  
Phenolic Extraction ◽  
Organoleptic Traits

Abstract Obtaining red quality wines depends on the raw matter composition and also on the extraction technology, used in the processing of grape and must. Thus, two methods of maceration-fermentation on lees (classical and in rotating tanks), two thermal methods (thermomaceration and microwave maceration) and two methods rarely used industrially in wine-making (cryomaceration and ultrasound maceration) were experimented. Even in the years with less than favorable climatic conditions, from Merlot grape variety one obtained for the most part, legally speaking, quality wines (with the exception of microwave macerated and cryomacerated wines, which had only 21-22 g/L non-reducing extract. In regard to alcohol content, all obtained samples had more than 11% vol. The obtained Merlot wines were rich in glycerol (8-9 g/L), fact that favorably influenced their organoleptic traits. Total phenolic content had values between 1,97 and 2,86 g/L for the Merlot wines obtained through macerationfermentation and thermomaceration. Ultrasound maceration did not favor phenolic extraction from grape skins and the obtained wines were poor in anthocyans and tannins (0,94-1,1 g/L). In regard to the maceration technology used, free anthocyans were found in variable proportions in wines, between 77 and 91%. The sum of acylated anthocyans participation percentages was between 8,8 and 22,7%, and the ratio between the acetylated and cumarilated participation percentages registered small values, varietyspecific, between 1,1 and 2,8.

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