Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La Mancha
Wine is a multi-attribute product and one of great differentiation. Consumers do not know wines’ intrinsic properties before its purchase; consumers need and look for extrinsic signals that allow them to infer those intrinsic properties. To evaluate those intrinsic wine properties, the article uses...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Facultad de Ciencias Agrarias. Universidad Nacional de Cuyo
2018-12-01
|
| Series: | Revista de la Facultad de Ciencias Agrarias |
| Subjects: | |
| Online Access: | https://revistas.uncu.edu.ar/ojs/index.php/RFCA/article/view/2962 |
| _version_ | 1797755962834026496 |
|---|---|
| author | J. Sebastián Castillo-Valero Emiliano C. Villanueva M. Carmen García-Cortijo |
| author_facet | J. Sebastián Castillo-Valero Emiliano C. Villanueva M. Carmen García-Cortijo |
| author_sort | J. Sebastián Castillo-Valero |
| collection | DOAJ |
| description |
Wine is a multi-attribute product and one of great differentiation. Consumers do not know wines’ intrinsic properties before its purchase; consumers need and look for extrinsic signals that allow them to infer those intrinsic properties. To evaluate those intrinsic wine properties, the article uses price as an extrinsic signal to express their value. The price used is a comparison between the prices suggested by the specialized guides and the ones proposed directly to the consumer at the on-line stores. With the hedonic price methodology, which relates price and attributes, the article shows the convergence between the value referenced (price) by the Spanish experts and the one paid (price) in the Spanish market, the former being independent of the interests of the economic agents and the latter not. Regional reputation is the only attribute that positively impacts the price of Castilian wine and is prioritized in the ranking of attributes.
|
| first_indexed | 2024-03-12T17:54:44Z |
| format | Article |
| id | doaj.art-949611887d3748e48977fade8cec0a0d |
| institution | Directory Open Access Journal |
| issn | 0370-4661 1853-8665 |
| language | English |
| last_indexed | 2024-03-12T17:54:44Z |
| publishDate | 2018-12-01 |
| publisher | Facultad de Ciencias Agrarias. Universidad Nacional de Cuyo |
| record_format | Article |
| series | Revista de la Facultad de Ciencias Agrarias |
| spelling | doaj.art-949611887d3748e48977fade8cec0a0d2023-08-02T18:53:06ZengFacultad de Ciencias Agrarias. Universidad Nacional de CuyoRevista de la Facultad de Ciencias Agrarias0370-46611853-86652018-12-01502Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La ManchaJ. Sebastián Castillo-Valero 0Emiliano C. Villanueva 1 M. Carmen García-Cortijo2University of Castilla-La Mancha. Associate Professor of Economics. Agricultural Policy and Rural Development at the Regional Development Institute. SpainEastern Connecticut State University. Associate Professor of Business Administration. Connecticut. USAUniversity of Castilla-La Mancha. Researcher at Regional Development Institute. Spain Wine is a multi-attribute product and one of great differentiation. Consumers do not know wines’ intrinsic properties before its purchase; consumers need and look for extrinsic signals that allow them to infer those intrinsic properties. To evaluate those intrinsic wine properties, the article uses price as an extrinsic signal to express their value. The price used is a comparison between the prices suggested by the specialized guides and the ones proposed directly to the consumer at the on-line stores. With the hedonic price methodology, which relates price and attributes, the article shows the convergence between the value referenced (price) by the Spanish experts and the one paid (price) in the Spanish market, the former being independent of the interests of the economic agents and the latter not. Regional reputation is the only attribute that positively impacts the price of Castilian wine and is prioritized in the ranking of attributes. https://revistas.uncu.edu.ar/ojs/index.php/RFCA/article/view/2962hedonic modelwine of Castiledenomination of originattributesexpertson-line sales |
| spellingShingle | J. Sebastián Castillo-Valero Emiliano C. Villanueva M. Carmen García-Cortijo Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La Mancha Revista de la Facultad de Ciencias Agrarias hedonic model wine of Castile denomination of origin attributes experts on-line sales |
| title | Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La Mancha |
| title_full | Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La Mancha |
| title_fullStr | Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La Mancha |
| title_full_unstemmed | Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La Mancha |
| title_short | Regional reputation as the price premium: estimation of a hedonic model for the wines of Castile-La Mancha |
| title_sort | regional reputation as the price premium estimation of a hedonic model for the wines of castile la mancha |
| topic | hedonic model wine of Castile denomination of origin attributes experts on-line sales |
| url | https://revistas.uncu.edu.ar/ojs/index.php/RFCA/article/view/2962 |
| work_keys_str_mv | AT jsebastiancastillovalero regionalreputationasthepricepremiumestimationofahedonicmodelforthewinesofcastilelamancha AT emilianocvillanueva regionalreputationasthepricepremiumestimationofahedonicmodelforthewinesofcastilelamancha AT mcarmengarciacortijo regionalreputationasthepricepremiumestimationofahedonicmodelforthewinesofcastilelamancha |