Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 28, 2010 erstellt
Description:
We use a unique dataset to estimate the hedonic price function for Italian red wine sold on the Italian market in the period 2006-2008. For each bottle considered, the dataset allows us to know several characteristic such as the price by retail channel (price in supermarkets and in wine shops), label characteristics, chemical analysis, sensorial characteristics and experts' evaluations.The objective of the analysis is to estimate the importance of the different class of variables on price and through time. The analysis shows that the price mainly depends on the label characteristics of the wine sold; other indicators, even when statistically significant, are quite irrelevant. The producer seems to have a limited market power especially in the large distribution where label characteristics explain about 90% of price formation. For wine shops the single characteristics of each wine seem to be more relevant