Abstract

Several factors may explain price setting in the marketplace. The objective of the paper is to review the main factors and mechanisms that govern the price of wine. Analysis of prices is usually based on the estimation of a hedonic price equation which includes all factors explaining prices, including the role of revealed information. The analysis could also be based on the relationship between the price of a specific wine and the market price for wines. Finally, in a demand-supply relationship, scarcity may also be a factor explaining the price of some wines.

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