Product differentiation and the relative importance of wine attributes: U.S. retail prices

IF 1.6 4区经济学 Q2 AGRICULTURAL ECONOMICS & POLICY

Journal of Wine Economics Pub Date : 2022-08-01 DOI:10.1017/jwe.2022.23

Rajasree Chandra, G. Moschini

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.

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产品差异化和葡萄酒属性的相对重要性:美国零售价格

摘要本文研究了不同属性的相对重要性，包括品种、品牌和地理来源，在解释美国市场的葡萄酒零售价格。我们使用了一个基于Shapely值的指标，该指标来自合作博弈论，在一个实证享乐价格方程的背景下，使用了2007-2019年期间家庭消费零售葡萄酒销售的大样本来估计。我们发现，品牌本身解释了70%以上的葡萄酒价格变化，但地理产地和品种保留了额外的解释力。此外，关于地理来源的信息似乎比品种更重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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.