Prices of Domestic and Imported Riesling Wine in the U.S. Market: A Hedonic Price Approach

The price of wine reflects the various features that differentiate each bottle. This study is aimed at analyzing the determinants of Riesling wine prices, one of the most popular varieties in the white wine category. A hedonic price model is estimated using data collected between 2000 and 2015 from the Wine Spectator, with a total of 3078 individual wines, focusing on age, vintage, production, critical points, and variables related to the country of origin. The impact of geographic production of origin from Canada, Germany, France, Italy, New Zealand and South Africa is analyzed. An important aspect of this analysis is to investigate whether the country of origin of production is important, and if any price premium from a key import region like Germany is changing, holding quality and quantity constant. The main findings suggest Riesling prices are determined by time related variables such as age and vintage. The levels of production and expert points given by the Wine Spectator also have a significant impact on prices.

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 Record created 2017-04-01, last modified 2019-08-30

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