Estimation Of A Hedonic Price Equation For Bordeaux Wine : Does Quality Matter?  

Oleh:

Combris, Pierre ; Lecocq, Sebastien

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 107 no. 441 (Mar. 1997), page 390-402.
Fulltext: 390.pdf (204.35KB)

Isi artikel

In this paper the hedonic price technique is applied to Bordeaux wine. In the hedonic price function we include not only the ` objective ' characteristics appearing on the label of the bottle, but also the sensory characteristics of the wine. Our data come from an experimental study in which juries have evaluated and graded a sample of Bordeaux wines. The estimation of the hedonic price equation shows that the market price is essentially determined by the objective characteristics. The estimation of a jury grade equation shows that quality, unlike the market price, is essentially determined by the sensory characteristics.

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