On the Constancy of Hedonic Wine Price Coefficients over Time

Benoit Faye and Eric Le Fur
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Benoit Faye: Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux
Eric Le Fur: Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux

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Abstract: AbstractThis article tests the stability of the main hedonic wine price coefficients over time. We draw on an extensive literature review to identify the most frequently used methodology and define a standard hedonic model. We estimate this model on monthly subsamples of a worldwide auction database of the most commonly exchanged fine wines. This provides, for each attribute, a monthly time series of hedonic coefficients time series data from 2003 to 2014. Using a multivariate autoregressive model, we then study the stability of these coefficients over time and test the existence of structural or cyclical changes related to fluctuations in general price levels. We find that most hedonic coefficients are variable and either exhibit structural or cyclical variations over time. These findings shed doubt on the relevance of both short- and long-run hedonic estimations. (JEL Classifications: C13, C22, D44, G11)

Keywords: Auction price; Hedonic function; MAR; Wine price (search for similar items in EconPapers)
Date: 2019-10-30
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Citations: View citations in EconPapers (1)

Published in Journal of Wine Economics, 2019, 14 (2), pp.182-207. ⟨10.1017/jwe.2019.24⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03897365

DOI: 10.1017/jwe.2019.24

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