Biblioteca Digital de VanguardiaThe wine hedonic price models in the "Old and New World": : state of the art
The basic hedonic hypothesis is that goods are valued for their utility-bearing characteristics and not for the good itself. Each attribute can be evaluated by consumers when making a purchasing decision and an implicit price can be identified for each of them. Thus, the observed price of a certain...
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| Formato: | Artículo |
| Lenguaje: | Inglés |
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Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias
2012
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| Acceso en línea: | http://bdigital.uncu.edu.ar/4525 |
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| author | Estrella Orrego, María Jimena Defrancesco, Edi Gennari, Alejandro |
| author_facet | Estrella Orrego, María Jimena Defrancesco, Edi Gennari, Alejandro |
| author_sort | Estrella Orrego, María Jimena |
| collection | Repositorio |
| description | The basic hedonic hypothesis is that goods are valued for their utility-bearing characteristics and not for the good itself. Each attribute can be evaluated by consumers when making a purchasing decision and an implicit price can be identified for each of them. Thus, the observed price of a certain good can be analyzed as the sum of the implicit prices paid for each quality attribute. Literature has reported hedonic models estimates in the case of wines, which are excellent examples of
differentiated goods worldwide.The impact of different wine attributes (intrinsic or extrinsic) on consumers’ willingness to pay has been analyzed with dissimilar results. Wines coming from "New World" producers seem to be appreciated for different attributes than wines produced in the "Old World". Moreover, "Old and New World" consumers seem to value differently the wine’s characteristics. To our knowledge, no cross country analysis has been done dealing with "New World" wines in "Old World" countries, leaving an important gap in understanding underlying attributes influencing buying decisions.
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| format | Artículo |
| id | uncu-4525 |
| institution | Biblioteca Digital - UNCUYO |
| language | Inglés |
| publishDate | 2012 |
| publisher | Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias
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| record_format | ojs |
| spelling | uncu-45252012-07-04T10:06:14Z The wine hedonic price models in the "Old and New World": : state of the art Modelo de precios hedónicos aplicado al vino del "Nuevo y del Viejo Mundo": : estado del arte Estrella Orrego, María Jimena Defrancesco, Edi Gennari, Alejandro Italia Mendoza (Argentina) Precios Vinos Modelo de precios hedónicos Hedonic price model Implicit prices The basic hedonic hypothesis is that goods are valued for their utility-bearing characteristics and not for the good itself. Each attribute can be evaluated by consumers when making a purchasing decision and an implicit price can be identified for each of them. Thus, the observed price of a certain good can be analyzed as the sum of the implicit prices paid for each quality attribute. Literature has reported hedonic models estimates in the case of wines, which are excellent examples of differentiated goods worldwide.The impact of different wine attributes (intrinsic or extrinsic) on consumers’ willingness to pay has been analyzed with dissimilar results. Wines coming from "New World" producers seem to be appreciated for different attributes than wines produced in the "Old World". Moreover, "Old and New World" consumers seem to value differently the wine’s characteristics. To our knowledge, no cross country analysis has been done dealing with "New World" wines in "Old World" countries, leaving an important gap in understanding underlying attributes influencing buying decisions. La hipótesis hedónica básica es que los bienes son valuados por sus características y no por el bien en sí mismo. Cada una de esas características es evaluada por el consumidor en el momento de decidir la compra por lo que es posible estimar un precio implícito para cada una de ellas. El precio observado de un producto puede ser, entonces, analizado como la suma de los precios implícitos de los atributos que definen el producto. Existe vasta literatura sobre precios hedónicos en el mundo del vino, al tratarse de un caso referente de producto diferenciado. El análisis del impacto de los diferentes atributos del vino sobre la disponibilidad a pagar del consumidor ha reportado resultados disímiles. Los vinos provenientes del "Nuevo Mundo" parecen ser apreciados por atributos diferentes que los vinos del "Viejo Mundo". Adicionalmente, los consumidores del "Nuevo y Viejo Mundo" aprecian distintas características en el vino. A nuestro saber, no se han llevado a cabo análisis de tipo inter-países de vinos del "Nuevo Mundo" vendidos en el "Viejo Mundo". Esta carencia deja una gran brecha en el entendimiento de cuáles son los atributos que influyen en las decisiones de compra del consumidor. Fil: Estrella Orrego, María Jimena. Università degli Studi di Padova (Italia). Dipartimento Territorio e Sistemi Agro-Forestali Fil: Defrancesco, Edi. Università degli Studi di Padova (Italia). Dipartimento Territorio e Sistemi Agro-Forestali Fil: Gennari, Alejandro. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias 78 Revista de la Facultad de Ciencias Agrarias Vol. 44, no. 1 Revista de la Facultad de Ciencias Agrarias, Vol. 44, no. 1 2012-04-02 eng Inglés http://bdigital.uncu.edu.ar/4482 info:eu-repo/semantics/openAccess http://creativecommons.org/licenses/by/2.5/ar/ article info:ar-repo/semantics/artículo info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias http://bdigital.uncu.edu.ar/4525 |
| spellingShingle | Italia Mendoza (Argentina) Precios Vinos Modelo de precios hedónicos Hedonic price model Implicit prices Estrella Orrego, María Jimena Defrancesco, Edi Gennari, Alejandro The wine hedonic price models in the "Old and New World": : state of the art |
| title | The wine hedonic price models in the "Old and New World":
: state of the art |
| title_full | The wine hedonic price models in the "Old and New World":
: state of the art |
| title_fullStr | The wine hedonic price models in the "Old and New World":
: state of the art |
| title_full_unstemmed | The wine hedonic price models in the "Old and New World":
: state of the art |
| title_short | The wine hedonic price models in the "Old and New World":
: state of the art |
| title_sort | wine hedonic price models in the "old and new world":
: state of the art |
| topic | Italia Mendoza (Argentina) Precios Vinos Modelo de precios hedónicos Hedonic price model Implicit prices |
| url | http://bdigital.uncu.edu.ar/4525 |