Price Formation : the Case of the Burgundy Wine Market

Yuna Chiffoleau

21 citations0/0 files storedRevue Française de Sociologie

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Wine Industry and Tourism Economic Theory and Institutions Management and Organizational Studies

Abstract

Price formation processes in "quality" commodities markets challenge standard economic theory.Using the principle of "embeddedness" postulated by economic sociology, the article shows how price formation analysis can reveal the social organization of such markets.A comprehensive approach to how wine producers in Burgundy determine their prices shows how the diversity of procedures used is related to professional relations and statuses.Using "integration variables" that are both economic and sociological, the discussion opens onto perspectives for renewing dialogue between the two disciplines and thus furthering our understanding of "the economics of quality".

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References

1985Economic Action and Social Structure: The Problem of Embeddedness 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1966A New Approach to Consumer Theory 1970Information and Consumer Behavior 2002Economic Action and Social Structure: The Problem of Embeddedness 1993A Status-Based Model of Market Competition 1983Premiums for High Quality Products as Returns to Reputations 1988Incomplete Contracts and Renegotiation

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