Efficient pricing of Bordeaux en primeur wines

Déterminer la valeur des exploitations agricoles: une enquête sur les pratiques françaises

Philippe Masset, Jean-Philippe Weiskopf and Jean-Marie Cardebat
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Philippe Masset: HES-SO - Haute Ecole Spécialisée de Suisse Occidentale
Jean-Philippe Weiskopf: HES-SO - Haute Ecole Spécialisée de Suisse Occidentale
Jean-Marie Cardebat: BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: This paper proposes an approach to determine efficient release prices on the Bordeaux en primeur (primary) market. The model exploits information from the secondary market to estimate efficient release prices. We apply the model to a representative sample of wines from the 2021 vintage. The results show that most chateaux released their wines at prices that were too high. The median overpricing is 5.2% but exceeds 30% for some wines. This situation may be partially attributed to excessively uniform pricing caused by the tendency of chateaux with similar status to release their wines at similar price levels.

Keywords: Bordeaux wine; Pricing; Primary market; Secondary market (search for similar items in EconPapers)
Date: 2023-03-24
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Published in Journal of Wine Economics, 2023, 18 (1), pp.39-65. ⟨10.1017/jwe.2023.5⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05455641

DOI: 10.1017/jwe.2023.5

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