{"title":"Product differentiation and the relative importance of wine attributes: U.S. retail prices","authors":"Rajasree Chandra, G. Moschini","doi":"10.1017/jwe.2022.23","DOIUrl":null,"url":null,"abstract":"Abstract This paper investigates the relative importance of various attributes, including varietal, brands, and geographic origin, in explaining retail wine prices for the United States market. We use a metric based on the Shapely value, from cooperative game theory, in the context of an empirical hedonic price equation estimated using a large sample of retail wine sales for home consumption over the period 2007–2019. We find that brands alone explain more than 70% of the variation in wine prices, but geographic origin and varietals retain additional explanatory power. Furthermore, information about the geographic origin appears to be a considerably more important attribute than varietals.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"177 - 208"},"PeriodicalIF":1.6000,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Wine Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1017/jwe.2022.23","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"AGRICULTURAL ECONOMICS & POLICY","Score":null,"Total":0}
引用次数: 0
Abstract
Abstract This paper investigates the relative importance of various attributes, including varietal, brands, and geographic origin, in explaining retail wine prices for the United States market. We use a metric based on the Shapely value, from cooperative game theory, in the context of an empirical hedonic price equation estimated using a large sample of retail wine sales for home consumption over the period 2007–2019. We find that brands alone explain more than 70% of the variation in wine prices, but geographic origin and varietals retain additional explanatory power. Furthermore, information about the geographic origin appears to be a considerably more important attribute than varietals.
期刊介绍：
The Journal of Wine Economics (JWE), launched in 2006, provides a focused outlet for high-quality, peer-reviewed research on economic topics related to wine. Although wine economics papers have been, and will continue to be, published in leading general and agricultural economics journals, the number of high-quality papers has grown to such an extent that a specialized journal can provide a useful platform for the exchange of ideas and results.
The JWE is open to any area related to the economic aspects of wine, viticulture, and oenology. It covers a wide array of topics, including, but not limited to: production, winery activities, marketing, consumption, as well as macroeconomic and legal topics. The JWE has been published twice a year and contains main papers, short papers, notes and comments, reviews of books, films and wine events, as well as conference announcements. From 2013 on, the JWE has been published three times per year.
The Journal of Wine Economics is fully owned by the American Association of Wine Economists (AAWE) and, since 2012, has been published by Cambridge University Press.
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