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Assessing the Effect of Information on the Reservation Price for Champagne: What are Consumers Actually Paying for?

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  • Combris, Pierre
  • Lange, Christine
  • Issanchou, Sylvie

Abstract

Two series of Vickrey auctions have been performed to assess the effect of packaging information (bottle and label) on the reservation prices of ordinary consumers for five brut non-vintage Champagnes. As in other studies on wine tasting, packaging information is found to explain much more of the variation in willingness to pay than sensory information. Participants are unable, or unwilling, to put different values on the Champagnes after blind tasting, but significant differences in reservation prices appear when labels are disclosed. Detailed analysis of choices reveals a large heterogeneity in individual behaviors and valuations of the Champagnes included in this study. (JEL Classification: C91, D12)

Suggested Citation

  • Combris, Pierre & Lange, Christine & Issanchou, Sylvie, 2006. "Assessing the Effect of Information on the Reservation Price for Champagne: What are Consumers Actually Paying for?," Journal of Wine Economics, Cambridge University Press, vol. 1(1), pages 75-88, April.
    • Handle: RePEc:cup:jwecon:v:1:y:2006:i:01:p:75-88_00
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    Citations

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    Cited by:

    1. Gustafson, Christopher R. & Champetier, Antoine, 2024. "Information Choice vs. Exposure: An Experiment Examining the Impact of Honey Fraud Information on Consumer Valuation," 2024 Annual Meeting, July 28-30, New Orleans, LA 343750, Agricultural and Applied Economics Association.
    2. Bazoche, P. & Deola, C. & Soler, Louis-Georges, 2008. "An experimental study of wine consumers’ willingness to pay for environmental characteristics," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43651, European Association of Agricultural Economists.
    3. Matteo Maria Galizzi & Christian Garavaglia, 2012. "Probably Not the Best Lager in the World: Effect of Brands on Consumers’ Preferences in a Beer Tasting Experiment," LIUC Papers in Economics 254, Cattaneo University (LIUC).
    4. Richard Carew & Wojciech J. Florkowski, 2010. "The Importance of Geographic Wine Appellations: Hedonic Pricing of Burgundy Wines in the British Columbia Wine Market," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 58(1), pages 93-108, March.
    5. Peter Gal & Attila Jambor, 2020. "Geographical Indications as Factors of Market Value: Price Premiums and Their Drivers in the Hungarian Off-Trade Wine Market," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 12(2), June.

    More about this item

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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