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| Author: | Combris, P. Lecocq, S. Visser, M. |
| Title: | Estimation of a hedonic price equation for Bordeaux wine: Does quality matter? |
| Journal: | Economic Journal
1997 : MAR, VOL. 107:441, p. 390-402 |
| Index terms: | PRICES EQUATIONS WINE INDUSTRY QUALITY PRODUCTS |
| Language: | eng |
| Abstract: | This study applies hedonic price technique to Bordeaux wine. Not only the "objective" characteristics appearing on the label of the bottle but also the sensory characteristics of the wine are included in the hedonic price function. The data used comes 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 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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