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What Determines Port Wine Prices?*

Published online by Cambridge University Press:  08 June 2012

Rui Couto Viana  and
Lúcia Lima Rodrigues
Rui Couto Viana
Affiliation:
University of Porto, Faculty of Economics, Rua Dr. Roberto Frias, 4200–464 Porto,Portugal, email: coutoviana@fep.up.pt
Lúcia Lima Rodrigues
Affiliation:
School of Management and Economics, University of Minho, Campus de Gualtar, 4710–057 Braga,Portugal, email: lrodrigues@eeg.uminho.pt
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Abstract

In this study, we estimate a cross-sectional hedonic price function for Port wines in order to determine the price influence of several Port wine characteristics. Drawing on a large sample of more than 14,000 sales from the biggest Port wine firms we find that market prices can be explained by objective characteristics such as age, type of Port and type of brand appearing on the bottle label and subjective characteristics such as firm reputation. The Port type is the main price determinant. (JEL Classification: C21, Q11)

Information

Type
Articles
Information
Journal of Wine Economics , Volume 2 , Issue 2 , Fall 2007 , pp. 203 - 212
Copyright
Copyright © American Association of Wine Economists 2007

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