Abstract
This study develops an institutional approach to understand how market institutions differentiate the identities and statuses of products and producers and eventually affect the valuation of products. Quantitative and qualitative evidence drawn from the California premium wine market shows that category-based product attributes that signify exclusivity, comply with a high institutional standard, or indicate a high rank in the classification system enhance wine price. Moreover, these attributes have symbolic values in social consumption particularly in a high-tier market segment and do not necessarily function as credible quality signals. These findings reveal the institutional bases of the economic order and status hierarchy in markets and have broad theoretical implications.
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