| Sumario: | Wine is a multi-attribute product and one of great differentiation. Consumers do
not know wines’ intrinsic properties before its purchase; consumers need and look for
extrinsic signals that allow them to infer those intrinsic properties. To evaluate those
intrinsic wine properties, the article uses price as an extrinsic signal to express their value.
The price used is a comparison between the prices suggested by the specialized guides
and the ones proposed directly to the consumer at the on-line stores. With the hedonic
price methodology, which relates price and attributes, the article shows the convergence
between the value referenced (price) by the Spanish experts and the one paid (price) in
the Spanish market, the former being independent of the interests of the economic agents
and the latter not. Regional reputation is the only attribute that positively impacts the
price of Castilian wine and is prioritized in the ranking of attributes.
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Biblioteca Digital de Vanguardia