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Attributes’ specification of wine indexes: is devil in the details?

Author

Listed:
  • Jean Marie Cardebat

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux)

  • Eric Le Fur

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux)

  • Benoit Faye

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux)

  • Philippe Masset

Abstract

The dispersion of prices on the fine wines market raises the issue of the wine price index construction and valuation of wine funds. In this paper, we first propose an extended hedonic function to better control good heterogeneity (which is a major source of price dispersion) by encoding auction experts' comments about the state of preservation of the bottles. Second, we use a multiplicative heteroscedastic model to identify the attributes providing the most price dispersion. Outcomes allow for defining the relevant components of wine price hedonic function, and spurs data providers to develop the information on wine products. This result might be useful for professionals willing to improve their fine wine valuation process and then would improve the fine wines market efficiency.

Suggested Citation

  • Jean Marie Cardebat & Eric Le Fur & Benoit Faye & Philippe Masset, 2020. "Attributes’ specification of wine indexes: is devil in the details?," Post-Print hal-03573293, HAL.
    • Handle: RePEc:hal:journl:hal-03573293
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    Cited by:

    1. Eric Fur, 2023. "Risk and return of classic car market prices: passion or financial investment?," Journal of Asset Management, Palgrave Macmillan, vol. 24(1), pages 59-68, February.
    2. Hachmi Ben Ameur & Eric Le Fur & Julien Pillot, 2023. "The Influence of Economic Policy Uncertainty and Business Cycles on Fine Wine Prices," Computational Economics, Springer;Society for Computational Economics, vol. 62(2), pages 589-608, August.

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