Working Papers, Department of Economics, Aarhus School of Business, University of Aarhus
Explaining champagne prices in Scandinavia - what is the best predictor?
() and Valdemar Smith
Abstract: This paper analyses the retail prices of champagnes sold
in the Scandinavian countries. Price data for the champagnes contain nearly
380 observations including a range of quality attributes of each champagne.
The empirical part of the analysis reveals that the retail prices of
champagne can be fairly well explained by a hedonic price function with a
degree of explanation corresponding to approximately 60 per cent. However
the ratings by the wine experts, in this case Robert Parker, Wine Spectator
and to a lesser extent the French ‘1855 Notation’, do just as well in terms
of explaining the retail prices of champagnes. Especially the rating of
champagnes by Robert Parker seems to be the most influential concerning the
Keywords: Champagne; prices; hedonic price function; Scandinavia; (follow links to similar papers)
JEL-Codes: D40; P46; Q10; (follow links to similar papers)
33 pages, January 1, 2007
Before downloading any of the electronic versions below
you should read our statement on
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
Questions (including download problems) about the papers in this series should be directed to Helle Vinbaek Stenholt ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Design by Joachim Ekebom