Efficient pricing of Bordeaux en primeur wines

IF 1.6 4区经济学 Q2 AGRICULTURAL ECONOMICS & POLICY

Journal of Wine Economics Pub Date : 2023-02-01 DOI:10.1017/jwe.2023.5

Philippe Masset, Jean-Philippe Weiskopf, Jean‐Marie Cardebat

引用次数: 0

Abstract

Abstract This paper proposes an approach to determine efficient release prices on the Bordeaux en primeur (primary) market. The model exploits information from the secondary market to estimate efficient release prices. We apply the model to a representative sample of wines from the 2021 vintage. The results show that most chateaux released their wines at prices that were too high. The median overpricing is 5.2% but exceeds 30% for some wines. This situation may be partially attributed to excessively uniform pricing caused by the tendency of chateaux with similar status to release their wines at similar price levels.

查看原文本刊更多论文

波尔多顶级葡萄酒的高效定价

摘要本文提出了一种确定波尔多期酒(一级)市场有效发行价格的方法。该模型利用二级市场的信息来估计有效的发行价格。我们将该模型应用于2021年份的代表性葡萄酒样本。结果显示，大多数酒庄的葡萄酒售价过高。定价过高的中位数为5.2%，但有些葡萄酒超过了30%。这种情况的部分原因可能是由于地位相似的酒庄倾向于以相似的价格水平发布葡萄酒而导致的过度统一的定价。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Wine Economics Agricultural and Biological Sciences-Food Science

CiteScore

3.20

自引率

28.60%

发文量

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.