Submission Title

What Attributes Explain Variation in the Prices of Willamette Valley Pinot Noir?

Subject Area

Economics

Description

Oregon Pinot Noir is known around the world for having a price point that many can afford while not abandoning the quality that was once only produced by reputable French Chateaus. Understanding what makes one bottle cost more than another is something that must be considered in order to find a price that will satisfy both the consumer and the winemaker. The hedonic pricing model used in this research employs data collected from winery websites such as the WineMag, a highly regarded website for ratings of wines across all price points. A cross sectional model is estimated. Results show that three factors of the eight tested are significant in explaining the prices of Pinot Noir. The significant factors are the alcohol percentage of the wine, LIVE (a sustainability certification), and the rating provided by the WineMag.

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What Attributes Explain Variation in the Prices of Willamette Valley Pinot Noir?

Oregon Pinot Noir is known around the world for having a price point that many can afford while not abandoning the quality that was once only produced by reputable French Chateaus. Understanding what makes one bottle cost more than another is something that must be considered in order to find a price that will satisfy both the consumer and the winemaker. The hedonic pricing model used in this research employs data collected from winery websites such as the WineMag, a highly regarded website for ratings of wines across all price points. A cross sectional model is estimated. Results show that three factors of the eight tested are significant in explaining the prices of Pinot Noir. The significant factors are the alcohol percentage of the wine, LIVE (a sustainability certification), and the rating provided by the WineMag.