Heterogeneous buyer preferences behind rejecting the law of one price in the fine wines market

Benoit Faye and Eric Le Fur

Economics Letters, 2024, vol. 239, issue C

Abstract: Developing a second hedonic step, we show that the heterogeneity of agents' preferences partly explains the rejection of the law of one price in the Bordeaux and Burgundy fine wines. A significant effect of buyer profiles appears on the price.

Keywords: Fine wine; Hedonic method; Heterogeneous agent; Price (search for similar items in EconPapers)
JEL-codes: C21 C26 D44 D91 Q19 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:239:y:2024:i:c:s0165176524002271

DOI: 10.1016/j.econlet.2024.111744

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