Uso de modelos hedónicos y de búsqueda para el análisis de precios de vinos en supermercados

Abstract

Hedonic price models have been widely used to understand the effect of wine attributes. But these have not properly estimated the effect of quality in the Chilean market. Moreover, we found no study in the literature that has included bottle weight in the hedonic equation. We also try to explain the differences in prices observed for identical product within and between different comunas in Santiago. We explore the role of average income, number of supermarkets, and price variation in explaining these price differences. Results show that quality, measured by scores given by a panel of experts, does have a positive impact on price, and bottle weight has a positive but decreasing impact on price. We also find that average income does not have a significant effect on price differences but supermarket density and price variability does.