Determinants of retail wine prices: evidence from Cyprus
Antonis Michis () and
Empirical Economics, 2013, vol. 45, issue 1, 267-280
This study uses a detailed panel dataset for the Cyprus wine market and a fixed effects simultaneous equations model specification to investigate retail wine price determinants. Our results show that producers’ pricing policies tend to be influenced more by the level of market concentration in the wine and retail industries than by competitors’ price movements. We propose a sales response model to identify the impact of marketing drivers on sales. Wine consumption in Cyprus is unit elastic, but the impact of competitive prices and retail distribution coverage on sales is small. Copyright Springer-Verlag 2013
Keywords: Wine; Nonlinear pricing; Market concentration; Fixed effects; L66; L11 (search for similar items in EconPapers)
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