Current and regular prices hedonic models for the wine industry;precio de transacción y precio regular en el modelo hedónico de la industria del vino

Spanish Journal of Agricultural Research

Volumn 8, Issue 4, 2010, Pages 873-886

  Ortuzar Gana, J C ^a,b   Alfranca Burriel, O ^c  

^a UNIVERSITY OF LLEIDA   (Spain)

^b Universidad Politécnica de Cataluña ^*

^c UNIVERSITAT POLITÈCNICA DE CATALUNYA   (Spain)

Author keywords

Chilean wine; Margin of manufacture; Stable attributes; Treatment of price

Indexed keywords

EID: 78650686318     PISSN: 1695971X     EISSN: None     Source Type: Journal    
DOI: 10.5424/sjar/2010084-1381     Document Type: Article

References (78)

1. ABRAHAM M., LODISH L., 1993. An implemented system for improving promotion productivity using store scanner data. Marketing Sci 12(3), 248-270.
2. AILAWADI K.L., HARLAM B.A., CESAR J., TROUNCE D., 2006. Promotion profitability for a retailer: the role of promotion, brand, category, and store characteristics. J Marketing Res 43(4), 518-535.
3. AILAWADI K.L., GEDENK K., LUTZKY C., NESLIN S., 2007. Decomposition of the sales impact of promotion- induced stockpiling. J Marketing Res 44(3), 450-467.
4. ANGULO A.M., GIL J.M., GRACIA A., SÁNCHEZ M., 2000. Hedonic prices for Spanish red quality wine. British Food J 2(7), 481-493.
5. AYALA M., DURÁN M.J., 2004. Determinantes de la calidad del vino en la industria chilena. Thesis, Universidad de Chile, Facultad de Economía y Administración, Santiago, Chile. [In Spanish].
6. BAJARI P., BENKARD L., 2005. Demand estimation with heterogeneous consumers and unobserved product characteristics: a hedonic approach. J Political Econ 113(6), 1239-1276.
7. BENFRATELLO L., PIACENZA M., SACCHETTO S., 2009. Taste or reputation: hat drives market prices in the wine industry? Estimation of a hedonic model for Italian premium wines. Appl Econ 41(1), 2197-2209.
8. BERNDT E., GRILICHES Z., 1993. Price measurements and their uses. In: Price indexes for microcomputers: an exploratory study (M.F. Foss, Manser M., Young A., eds). Volume 57, Studies in income and wealth. National Bureau of Economic Research, University of Chicago Press. Chicago, USA. pp. 63-93.
9. BIJMOLT T., VAN HEERDE H.J., PIETERS R.G.M., 2005. New empirical generalizations on the determinants of price elasticity, J Marketing Res 42(2), 141-156.
10. BRONNENBERG B.J., MELA C.F., BOULDING W., 2006. The periodicity of pricing. J Marketing Res 43(3), 477-493.
11. BUZETA J.E., 2005. Determinantes del precio del vino en el mercado chileno: un estudio de precios hedónicos. Master's thesis. Facultad de Economía Agraria e Ingeniería Forestal, Pontificia Universidad Católica de Chile, Chile. [In Spanish].
12. CARDEBAT J.M., FIGUET J.M, 2009. Estimation of a hedonic price equation for Alsace, Beaujolais and Provence wines. Appl Econ Letters 16(9), 921-927.
13. CARROLL M., 2001. Pricing U.S. North Atlantic Bluefin Tuna and implications for management. Agribusiness 17(2), 243-254.
14. COMBRIS P., LECOCQ S., VISSER M., 1997. Estimation for a hedonic price equation for Bordeaux wine: does quality matter? Econ J 107(441), 390-402.
15. DELTAS G., ELEFTHERIOS Z., 2006. Entry order and pricing over the product cycle: the transition from the 486 to the Pentium processor. Int J Indust Org 24(5), 1041-1069.
16. DIEKMANN F., 2008. Tractors on ebay: differences between internet and in-person auctions. Am J Agr Econ 90(2), 306-320.
17. DIEWERT W.E., 2003a. Hedonic regressions: a consumer theory approach. In: scanner data and price indexes (Feenstraand R.C., Shapiro M.D., eds). National Bureau of Economic Research Studies in Income and Wealth, Vol. 64. University of Chicago Press, Chicago, IL, USA. pp. 317-348.
18. DIEWERT W.E., 2003b. Hedonic regressions: a review of some unresolved issues. Proc 7th Meeting of the Ottawa Group, Paris. p. 43.
19. FEENSTRA R.C., 1995. Exact hedonic price indexes. Rev Econ Stat 57(4), 634-654.
20. FITZSIMONS G.J., 2000. Consumer response to stockouts. J Consum Res 27(2), 249-266.
21. FOEKENS E.W., LEETIANG P., WITTINK D.R., 1994. A comparison and an exploration of the forecasting accuracy of a nonlinear model at different levels of aggregation. Int J Forecast 10(2), 245-261.
22. FOK H., PAAP F., 2006. A hierarchical bayes error correction model to explain dynamic effects of price. J Marketing Res 43(3), 443-461.
23. GERSTNER E., HESS J., 1987. Why do hot dogs come in packs of 10 and buns in 8s or 12? A demand-side investigation. J Business 60(4), 491-517.
24. GEVE P.A., 2005. Análisis y valoración hedónica de atributos del vino en Santiago. Master's thesis. Facultad de Economía Agraria e Ingeniería Forestal, Pontificia Universidad Católica de Chile, Chile. [In Spanish].
25. GLUCKMAN R., 1990. A consumer approach to branded wines. Eur J Marketing 24(4), 27-47.
26. GONZÁLEZ J.I., MORINI S., GUIRAO G., CANO V.J., RODRÍGUEZ M.C., 2004. Análisis comparativo de costes y precios en las DO Tacoronte-Acentejo e Ycoden. V Jornadas Técnicas Vitivinícolas Canarias, Tenerife, España, Noviembre 1-19. [In Spanish].
27. GRANT D.B., FERNIE J., 2008. Exploring out-of-stock and on-shelf availability in non-grocery, high street retailing. Int J Retail Distrib Manage 36(8), 661-672.
28. GRILICHES Z., 1971. Hedonic price indexes for automobiles: an econometric analysis of quality change. In: Price indexes and quality change (Griliches Z., ed.). Harvard Univ Press, Cambridge, MA, USA.
29. GUADAGNI P.M., LITTLE J.D., 1983. A logit model of brand choice calibrated on scanner data. Marketing Sci 2(3), 203-239.
30. GUPTA S., 1988. Impact of sales promotion on when, what and how much to buy. J Market Res 25(4), 342-355.
31. HAEGER J.W., STORCHMANN K., 2006. Prices of American pinot noir wines: climate, craftsmanship, critics. Agr Econ 35, 67-78.
32. HERAVI S., HESTON A., SILVER M., 2003. Using scanner data to estimate country price parities: a hedonic approach. Rev Income Wealth 49(1), 1-21.
33. HOSKEN D., REIFFEN D., 2004. Patterns of retail price variation. RAND J Econ 35(1), 128-146.
34. HULTEN C.R., 2003. Price hedonics: a critical review. FRBNY Econ Policy Rev 9(3), 5-15.
35. INE, 2009. Índice de precios al consumidor (IPC) desde enero 1998 hasta diciembre 2008, divisiones, serie historia empalmada (índices y variaciones). Available in: http://www.ine.cl/canales/chile_estadistico/estadisticas_precios/ipc/ [October 12, 2008]. [In Spanish].
36. IOANNIDIS C., SILVER M., 1999. Estimating hedonic price indices: an application to UK television sets. J Econ 69(1), 71-94.
37. JEDIDI K., MELA C.F., GUPTA S., 1999. Managing advertising and promotion for long-run profitability. Market Sci 18(1), 1-22.
38. JONES G.V., STORCHMANN K.H., 2000. Wine market prices and investment under uncertainty: an econometric model for Bordeaux Crus Classés. Agr Econ 76(1), 1-18.
39. LANDON S., SMITH C., 1998. Quality expectations, reputation, and price. South Econ J 64(3), 628-647.
40. LUKACS P., 2007. Chile rediscovers Carmenere. Washington Times, The DC. Apr 4. Section: Food, Wine, p. E03.
41. MacDONALD J.M., 2000. Demand, information, and competition: why do food prices fall at seasonal demand peaks? J Indust Econ 48(1), 27-45.
42. MARTÍNEZ A., MORILLA J., 2002. Una función de precios hedónicos para el vino español de calidad en el año 2000. Rev Esp Estud Agrosoc Pesqu 196, 173-196. [In Spanish].
43. McGUCKIN R.H., STIROH K.J., 2002. Computers and productivity: are aggregation effects important? Econ Inquiry 40(1), 42-59.
44. MELSER D., 2006. Accounting for the effects of new and disappearing goods using scanner data. Rev Income Wealth 52(4), 547-567.
45. MITCHELL V.W., GREATOREX M., 1989. Risk reducing strategies used in the purchase of wine in the UK. Eur J Marketing 23(9), 31-46.
46. MYERS C.R., 2003. Managing brand equity, a look at the impact of attributes. J Product Brand Manage 12(1), 35-51.
47. NARASIMHAN C., NESLIN S.A., SEN S.K., 1996. Promotional elasticities and category characteristics. J Market 60(2), 17-31.
48. NERLOVE M., 1995. Hedonic price functions and the measurement of preferences: the case of Swedish wine consumers. Eur Econ Rev 39(9), 1697-1716.
49. NESLIN S.A., POWELL S.G., STONE S.L., 1995. The effects of retailer and consumer response on optimal manufacturer advertising and trade promotion strategies. Manage Sci 41(5), 749-766.
50. NEVO A., 1998. Measuring market power in the ready to eat cereal industry. National Bureau of Economic Research, Work document 6337.
51. NEWEY W.K., WEST K.D., 1987. A simple, positive-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica 55, 703-708.
52. NEWEY W.K., WEST K.D., 1994. Automatic lag selection in covariance matrix estimation. Rev Econ Stud 61, 631-653.
53. NIELSEN, 2006. ACNielsen/Tendencias, Nielsen Chile, Santiago. [In Spanish].
54. OCZKOWSKI E., 1994. A price function for Australian premium table wine. Aust J Agr Econ 3 (1), 93-110.
55. OHTA M., GRILICHES Z., 1975. Household production and consumption. In: Automobile prices revisited: Extensions of the hedonic hypothesis (Terleckyj N., ed). National Bureau of Economic Research, Studies in Income and Wealth. National Bureau of Economic Research, NY, University of Chicago Press. pp. 325-390.
56. OHTA M., GRILICHES Z., 1975. Automobile prices and quality: did the gasoline price increases change consumer tastes in the U.S? J Bus Econ Sta 4(2), 187-198.
57. OIV, 2006. El 15 de septiembre de 2005, la Comisión de la Unión Europea y los Estados Unidos de América han llegado a un acuerdo «de fase uno» sobre el comercio del vino. Organización Internacional de la Viña y el Vino. Available in: http://www.oiv.int. [November 27, 2006]. [In Spanish].
58. PAKES A., 2003. A reconsideration of hedonic price indexes with an application to PCs. Am Econ Rev 93(5), 1578-1596.
59. PALMA D., 2004. De apetitos y de cañas. El consumo de alimentos y bebidas en Santiago a fines del siglo XIX. Instituto de Historia, Pontificia Universidad Católica de Chile, 2(37), 391-417. [In Spanish].
60. PAUWELS K., HANSSENS D.M., SIDDARTH S., 2002. The long-term effects of price promotions on category incidence, brand choice, and purchase quantity. J Market Res 39(4), 421-439.
61. REQUENA-SILVENTE F., WALKER J., 2007. Investigating sales and advertising rivalry in the UK multipurpose vehicle market (1995-2002). J Econ Business 59(2), 163-180.
62. RITCHIE C., 2007. Beyond drinking: the role of wine in the life of the UK consumer. Int J Consum Stud 31, 534-540.
63. RODRÍGUEZ M., CASTILLO J.S., 2009. El vino tinto de denominación de origen en Castilla-La Mancha: un análisis de precios hedónicos. Rev Esp Estuds Agrosoc Pesqu 222, 103-123. [In Spanish].
64. ROSEN S., 1974. Hedonic prices and implicit markets: product differentiation in pure competition. J Politic Econ 82(1), 35-55.
65. SAG, 2006. Panorama de la vitivinicultura chilena en 2006. Servicio Agrícola y Ganadero, Ministerio de Agricultura, Gobierno de Chile. [In Spanish].
66. SÁNCHEZ F., SÁNCHEZ M.S., PRIETO P., PRIETO R., 2007. Guía de vinos de Chile. Turismo y Comunicaciones SA, Santiago, Chile. [In Spanish].
67. SCHAMEL G., 2006. Geography versus brands in a global wine market. Agribusiness 22(3), 363-374.
68. SCHAMEL G., ANDERSON K., 2003. Wine quality and varietal, regional winery reputations: hedonic prices for Australia and New Zealand. Econ Record 79(246), 357-369.
69. SCHNETTLER B., RIVERA A., 2003. Características del proceso de compra de vino en la IX Región de la Araucanía. Ciencia Invest Agrar 30(1), 1-14. [In Spanish].
70. SCHULTZ D.E., 2004. A clean brand slate. Market Manage 13(5), 10-11.
71. SILVER M., HERAVI S., 2001. Scanner data and the measurement of inflation. Econ J 111(472), 383-405.
72. STEINER B., 2004. Australian wines in the British wine market: a hedonic price analysis. Agribusiness 20(3), 287-307.
73. TRIPLETT J., 2004. Handbook on hedonic indexes and quality adjustments in price index: special application to information technology products. OECD Science, Technology and Industry Working Papers, 2004/9. OECD Publishing, Paris.
74. TRONCOSO J.L., AGUIRRE M., 2006. Price determinants of Chilean wines in the US market: a hedonic approach. Spanish J Agric Res 4(2), 124-129.
75. VAN HEERDE H.J., 1999. Models for sales promotion effects based on store-level scanner data. Doctoral thesis. Groningen University, Holland.
76. VAN HEERDE H.J., LEEFLANG P., WITTINK D.R., 2000. The estimation of pre- and postpromotion dips with storelevel scanner data. J Market Res 37(3), 383-395.
77. VERGARA S., 2001. El mercado vitivinícola mundial y el flujo de inversión extranjera a Chile. CEPAL, United Nations. [In Spanish].
78. ZEILEIS A., 2004. Econometric computing with HC and HAC covariance matrix estimators. J Stat Software 11(10), 1-17.