Afficher la notice abrégée

Heterogeneity and fine wine prices: application of the quantile regression approach

dc.rights.licenseopenen_US
dc.contributor.authorAMÉDÉE-MANESME, Charles-Olivier
hal.structure.identifierLaboratoire d'analyse et de recherche en économie et finance internationales [Larefi]
dc.contributor.authorFAYE, Benoit
hal.structure.identifierLaboratoire d'analyse et de recherche en économie et finance internationales [Larefi]
dc.contributor.authorLE FUR, Eric
dc.date.accessioned2022-01-11T10:06:10Z
dc.date.available2022-01-11T10:06:10Z
dc.date.issued2019-12-23
dc.identifier.issn0003-6846en_US
dc.identifier.urioai:crossref.org:10.1080/00036846.2019.1696937
dc.identifier.urihttps://oskar-bordeaux.fr/handle/20.500.12278/124347
dc.description.abstractEnThis study addresses the price heterogeneity of the five first growths of Bordeaux. We apply the quantile regression (QR) approach with market segmentation based on wine bottle price quantiles. We compute the hedonic price of wine attributes for various price segments in the market. This approach is applied to a major dataset comprising approximately 50,000 transactions over the 2003–2017 period. The findings indicate that the relative hedonic prices of several wine attributes differ significantly among deciles. The implications of our results are manifold. Vintage and Parker grades have a strong impact on the variation in wine prices, and there is a hierarchy among the five first growths of Bordeaux. There is also a premium commanded by the reputation and experience of an auction house. Since the financial crisis of 2012–2013, investors have considered that the five first growths are overrated, save for the most expensive wines; for those most expensive ones, investors prefer scarcity to liquidity. These results are of import to several actors in the fine wine market: investors, for example, could use the findings herein to better diversify their wine portfolio, while auction houses could better anticipate their future sales based on consumers’ expectation.
dc.language.isoENen_US
dc.sourcecrossref
dc.subject.enAuctions market
dc.subject.enHedonics
dc.subject.enHeterogeneity
dc.subject.enMarket segmentation
dc.subject.enQuantile regression
dc.subject.enWine economics
dc.title.enHeterogeneity and fine wine prices: application of the quantile regression approach
dc.typeArticle de revueen_US
dc.identifier.doi10.1080/00036846.2019.1696937en_US
dc.subject.halÉconomie et finance quantitative [q-fin]en_US
dc.subject.jelL - Industrial Organization::L6 - Industry Studies: Manufacturing::L66 - Food; Beverages; Cosmetics; Tobacco; Wine and Spiritsen_US
dc.subject.jelQ - Agricultural and Natural Resource Economics; Environmental and Ecological Economics::Q0 - Generalen_US
dc.subject.jelQ - Agricultural and Natural Resource Economics; Environmental and Ecological Economics::Q1 - Agriculture::Q10 - Generalen_US
bordeaux.journalApplied Economicsen_US
bordeaux.page2821-2840en_US
bordeaux.hal.laboratoriesLaboratoire d'analyse et de recherche en économie et finance internationales (LAREFI) - EA2954en_US
bordeaux.institutionUniversité de Bordeauxen_US
bordeaux.peerReviewedouien_US
bordeaux.inpressnonen_US
bordeaux.import.sourcedissemin
hal.identifierhal-03520700
hal.version1
hal.date.transferred2022-01-11T10:06:14Z
hal.exporttrue
workflow.import.sourcedissemin
dc.rights.ccPas de Licence CCen_US
bordeaux.COinSctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Applied%20Economics&rft.date=2019-12-23&rft.spage=2821-2840&rft.epage=2821-2840&rft.eissn=0003-6846&rft.issn=0003-6846&rft.au=AM%C3%89D%C3%89E-MANESME,%20Charles-Olivier&FAYE,%20Benoit&LE%20FUR,%20Eric&rft.genre=article


Fichier(s) constituant ce document

FichiersTailleFormatVue

Il n'y a pas de fichiers associés à ce document.

Ce document figure dans la(les) collection(s) suivante(s)

Afficher la notice abrégée