Abstract
Several authors have utilized the hedonic approach (Rosen, 1974) to investigate the determinants of wine prices. Most of the research effort has been directed so far to determine which attributes are good candidates as explanatory variables in the hedonic function. Even though results in this area have been constrained by the nature of the available data, there is substantial agreement about what influences wine prices. Combris et al. (1997, 2000) showed that when regressing objective characteristics and sensory characteristics on wine price, the objective cues (such as expert score and vintage) are significant, while sensory variables such as tannins content and other measurable chemicals are not. Nevertheless, substantial evidence (Oczkowski 1994; Landon and Smith 1997; Shamel
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