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G.S.A Club
Guía de Vinos Gourmets 1998
- Publisher
- Emerald Publishing
- Copyright
- Copyright © 2000 MCB UP Ltd. All rights reserved.
- ISSN
- 0007-070X
- DOI
- 10.1108/00070700010336445
- Publisher site
- See Article on Publisher Site
Abstract
In this paper, market values for most of wine attributes are measured through the estimation of a hedonic price function, which relates the price of a wine to its various attributes. As more expensive wines are also associated with higher recognition of wine attributes, results also reflect consumers' valuation of wine attributes. Data used in this paper comes from a wine catalogue in which only price categories are available. As independent variables, the following wine attributes have been considered: region of production, the year vintage, grape variety, alcoholic content and expert quality ratings. Due to the nature of available data, the hedonic price function has been estimated in the form of a Multinomial Logit model. Results indicate that the two first variables (region of production and the year vintage) are the main market price determinants while grape variety and the alcoholic contents are not significantly correlated with red wine prices.
Journal
British Food Journal – Emerald Publishing
Published: Aug 1, 2000
Keywords: Wines and spirits; Taste; Pricing; Pricing strategy