Does The Environment Matter On The Wine
Market: An Analysis Of The Wine Market In
Austria
Author(s)
P. Amrusch & F. Wirl
Abstract
The main aim of the paper is the estimation of regional and environmental values
capitalized in the wine market. By means of hedonic regression analysis,
possible premiums attached to nonmarket characteristics such as geographical
designations and regional qualities are deferred from the Austrian wine market
prices. Moreover, the relation between land values and wine prices is addressed.
In the introductory section the main legal changes in the Austrian wine market
are pointed out. Afterwards, the variable selection of perceived price signals on
the basis of the assumption of homogeneity of wine consumers’ preferences of
regulations underlying the model is performed. Finally, the hedonic regressions
display the consumers ‘willingness to pay for various wine characteristics,
whereby the relevance of geographical designations and other regional criteria
reflected in the land values are investigated. Finally, possible future implications
of the results are highlighted.
Keywords: hedonic modelling, estimation of non-market value, Austrian wine
market, valuation of vineyards, willingness-to-pay for geographical designation.
Keywords
Keywords: hedonic modelling, estimation of non-market value, Austrian wine
market, valuation of vineyards, willingness-to-pay for geographical designation.
Related Book
Other papers in this volume
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