The Price of Wine: Does the Bottle Size Matter?

Abstract

What’s behind the bottle price? Weather, vintage, geographic area, bottling, marketing and recipe are all important factors in the cost of the wine. Many papers look at the determinants of prices by using hedonic price functions. Wine prices are determined by climate influences and by their reputation, their perceived quality or sensorial characteristics. Most of the recent literature (Combris et al. 1997 and 2000; Landon and Smith 1998; Oczkowski 2001; Jones and Storchmann 2001; Horowitz and Lockshin 2002; Schamel and Anderson 2003; Benfratello et al. 2004; Cardebat and Figuet 2004; Lecocq and Visser 2006) demonstrates the importance of considering all these factors to explain the formation of a price on the market. 1 These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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