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Article
Publication date: 1 January 1995

Stephen R.C. Wanhill

Examines the information determinants on the hammer price of a remarkable collection often vintages of Château Léoville‐Barton, spanning 1981–90, which came up for auction…

Abstract

Examines the information determinants on the hammer price of a remarkable collection often vintages of Château Léoville‐Barton, spanning 1981–90, which came up for auction at Christie's, South Kensington, during the early part of 1994. The vintage ratings of three leading wine writers and the Christie's guide prices were modelled as predictions of the hammer price. The results indicated that the auctioneer's guide prices had greatest explanatory power in terms of the variation in the hammer prices, but the vintage ratings provided by the wine authors were also significant

Details

International Journal of Wine Marketing, vol. 7 no. 1
Type: Research Article
ISSN: 0954-7541

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Article
Publication date: 1 February 2013

James DeLisle, Terry Grissom and Lovisa Högberg

The purpose of this paper is to explore the notion of sustainability and research reporting price premiums for LEED‐certified buildings.

Abstract

Purpose

The purpose of this paper is to explore the notion of sustainability and research reporting price premiums for LEED‐certified buildings.

Design/methodology/approach

This paper explores the notion of sustainability and research reporting price premiums for LEED‐certified buildings. The durability of certification levels is explored by converting projects developed under the initial NC2‐series system to a new vintage rating adopted in 2009. This conversion is made by applying Lagrangian multipliers to model stochastic impacts.

Findings

The study reveals that 18 percent of 591 projects developed under the NC2‐Series were “misclassified” in terms of certification levels when converted to new NCv2009 standards. To the extent the market has pursued LEED certification levels, the unanticipated changes may have led to the adoption short‐term solutions that are inappropriate due to the long‐term nature of real estate assets.

Research limitations/implications

Given the complexity of the LEED rating system, it is unknown how the market will react to the lack of durability and approach pricing over the long‐term.

Practical implications

The results indicate market participants should adopt a proactive approach to LEED certification.

Originality/value

The study identifies significant dynamics in the LEED certification system for new construction and behavioural responses that have not been reported in the literature.

Details

Journal of Property Investment & Finance, vol. 31 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 18 June 2018

Eddie Oczkowski

The purpose of this study is to illustrate a general method for identifying the price impact of using a different varietal name for a wine.

Abstract

Purpose

The purpose of this study is to illustrate a general method for identifying the price impact of using a different varietal name for a wine.

Design/methodology/approach

A revealed preference research approach is employed using marketed wines and prices. Price impacts are estimated using hedonic price models which control for the influence of other factors on prices. The technique is applied to the use of accepted synonyms to describe different varieties of Australian wine.

Findings

The use of varietal synonyms in the Australian market is suggested to be more of a marketing strategy designed to command a higher price rather than because of wine stylistic reasons. Important premiums are estimated for the use of the terms Syrah, Pinot Gris and to a lesser extent for Fumé Blanc.

Practical implications

Australian wine producers may be able to command price premiums by strategically choosing a name for a particular varietal. It appears no significant stylistic changes are needed to “justify” any varietal name change, and as such, only a label name change may be required. A switch to French-associated or -sounding names for a wine varietal may result in price premiums for Australian producers.

Originality/value

The paper illustrates a general revealed preference method for identifying wine varietal name price premiums and further illustrates the importance of “Frenchness” in wine name use.

Details

International Journal of Wine Business Research, vol. 30 no. 2
Type: Research Article
ISSN: 1751-1062

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Book part
Publication date: 9 July 2010

Neil Fligstein and Adam Goldstein

The current crisis in the mortgage securitization industry highlights significant failures in our models of how markets work and our political will, organizational…

Abstract

The current crisis in the mortgage securitization industry highlights significant failures in our models of how markets work and our political will, organizational capability, and ideological desire to intervene in markets. This article shows that one of the main sources of failure has been the lack of a coherent understanding of how these markets came into existence, how tactics and strategies of the principal firms in these markets have evolved over time, and how we ended up with the economic collapse of the main firms. It seeks to provide some insight into these processes by compiling both historical and quantitative data on the emergence and spread of these tactics across the largest investment banks and their principal competitors from the mortgage origination industry. It ends by offering some policy proscriptions based on the analysis.

Details

Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part A
Type: Book
ISBN: 978-0-85724-205-1

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Article
Publication date: 31 May 2013

David Priilaid, Michael Sevenoaks, Ryan Aitken and Clint Chisholm

Proceeding from studies that, at a general level, identify the extrinsic price cue as a mediator between a wine's perceived and intrinsic merit, the authors aim to report…

Abstract

Purpose

Proceeding from studies that, at a general level, identify the extrinsic price cue as a mediator between a wine's perceived and intrinsic merit, the authors aim to report on a tasting‐room experiment conducted to determine the impact of the price cue on sighted ratings across categories of gender, age, and relative experience.

Design/methodology/approach

A total of 73 subjects assessed seven merlot wines, first blind and then sighted. During the sighted tasting, the only available cue‐information was the price per bottle. The seven price points ranged from the cheap (R25) to the expensive (R160).

Findings

Across all segmentations, the authors' analysis of sighted scores revealed the marked extent to which price effects demean the intrinsic merit of a wine. Older, more experienced and female strata appear to respond the most to price information; their respective model price effects are shown to increase by 57, 33 and 24 percent relative to their base comparators.

Originality/value

These findings challenge the dogma that unbiased sighted assessments are best conducted by self‐proclaimed wine experts who are older and more experienced; and suggest alternately, and perhaps heretically, that such assessments would be better conducted by younger, less experienced, non‐experts.

Details

International Journal of Wine Business Research, vol. 25 no. 2
Type: Research Article
ISSN: 1751-1062

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Article
Publication date: 31 December 2019

David Priilaid and Jonathan Steyn

In increasingly competitive markets, opportunities exist to meaningfully differentiate product offerings by cue signalling the claims of emergent categories. Therefore…

Abstract

Purpose

In increasingly competitive markets, opportunities exist to meaningfully differentiate product offerings by cue signalling the claims of emergent categories. Therefore, and within the context of wine sales, the purpose of this study models the supply-led price importance of nascent, extrinsic old vine (OV) cues for South African wines to establish whether to what extent and how producers prioritise such nascent cues relative to more established extrinsic cues of worth.

Design/methodology/approach

A data set was compiled of 159 South African wines with OV category cues signalled on front labels, back labels or via marketing material. The play of contending cue variables was computed through an ordinary least square hedonic pricing model.

Findings

In addition to the contribution of established cues such as aggregated critic ratings, grape varieties and area of origin, this study confirms that vineyard age contributes significantly to wine price, particularly when signalled on back labels.

Practical implications

In price setting and positional models, such as brand extensions, the findings prove useful in understanding the inherent value of nascent cues and specifically vineyard age, relative to competing established wine cues of worth.

Originality/value

This study extends the wine pricing theory by validating the viability of nascent OV cues in the modelling of a wine’s value.

Details

International Journal of Wine Business Research, vol. 32 no. 2
Type: Research Article
ISSN: 1751-1062

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Article
Publication date: 21 October 2019

J. François Outreville and Eric Le Fur

The purpose of this paper is to investigate the main factors and mechanisms that govern the price of cider, and to apply the analysis to the price of ciders in the…

Abstract

Purpose

The purpose of this paper is to investigate the main factors and mechanisms that govern the price of cider, and to apply the analysis to the price of ciders in the Province of Québec, Canada.

Design/methodology/approach

The analysis is following the methodology applied to the determinants of the price of wine. A model for the price of cider is estimated with 70 prices representing five regions and five types of products.

Findings

The analysis is limited to one geographical factor, i.e. the region of origin and factors related to the producer, i.e. the age and the size of the firm. The results conclude on the importance of geographical factors related to the region of origin. The relationship between the price of ciders and the region of origin is statistically significant at the 1 percent level for two regions and shows a high premium for ciders produced in these two regions. Production factors related to the age and the size of the production unit although showing the expected sign are not statistically significant to conclude on the impact. There is a small premium for producing effervescent cider compared to still or rosé cider but the most statistically significant results at a 1 percent level are for ice ciders and fortified ciders which are two typical products from Québec.

Research limitations/implications

The analysis has important potential implications on the role of certification of origin. Cider regions in Québec, Canada have recently defined quality standards applied to specialties like Ice cider and Fire ciders. The choice of high quality products is reflected in the premium associated to the price of these products.

Originality/value

Contrary to the wine sector, there is a lack of research and literature on the determinants of the price of ciders. This study is the first to propose a pricing model to examine some of the determinants of prices.

Details

British Food Journal, vol. 122 no. 1
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 January 2006

Ian M. Taplin

The purpose of this paper is to examine the changing competitive landscape in the wine industry, focusing upon how premium Napa valley producers are responding to such changes.

Abstract

Purpose

The purpose of this paper is to examine the changing competitive landscape in the wine industry, focusing upon how premium Napa valley producers are responding to such changes.

Design/methodology/approach

The in depth interview technique with 11 privately owned premium wine producers was used, with interviews conducted in early 2005.

Findings

Wineries identify the growing concentration and consolidation amongst distributors and domestic US producers; increased foreign competition, particularly from Australia; and the trend towards homogenised taste following the increased power of numerical wine ranking surveys as principal concerns that they face.

Practical implications

The findings highlight the dilemmas faced by wineries as they attempt to stress their locational advantage for reputation building but endeavour to differentiate their product from other wineries in Napa.

Originality/value

As a pilot project the paper indicates how even firms in high value added product markets are facing heightened competition and what they fear might emerge in the near future from foreign producers.

Details

International Journal of Wine Marketing, vol. 18 no. 1
Type: Research Article
ISSN: 0954-7541

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Article
Publication date: 20 August 2018

Margaux Vannevel, Nick Vink, Jeanne Brand and Valeria Panzeri

The purpose of this study is to investigate the relevance of expert opinions as a marketing tool for Pinotage amongst young South African student millennials by means of…

Abstract

Purpose

The purpose of this study is to investigate the relevance of expert opinions as a marketing tool for Pinotage amongst young South African student millennials by means of sensory hedonic testing.

Design/methodology/approach

Sensory hedonic testing was used because it is necessary to examine the extent to which extrinsic cues influence a wine’s intrinsic merit, as this can influence future purchase decisions. Thus, it combines marketing factors and sensory science and explores the sensory liking of food products by consumers. A total of 126 South African student millennial consumers were analysed.

Findings

The results confirm that expert opinions are an effective marketing tool. While positive expert opinions did not reinforce perceived quality for already generally liked wines, they increased perceived quality for wines that were not liked. Female student millennials specifically seem to be influenced by expert opinions and packaging, even though they show a relative dislike for Pinotage under blind tasting. These results are useful in the design of marketing strategies.

Research limitations/implications

Because of the chosen research approach, it may be difficult to generalize the research results. However, future research could apply this methodology to investigate the perceived quality of wine and other food products in different countries. Furthermore, replicating this study could provide interesting comparative results.

Originality/value

Little is known about the liking for Pinotage wines by young South African consumers or about the cues that make them respond positively to marketing.

Details

International Journal of Wine Business Research, vol. 30 no. 3
Type: Research Article
ISSN: 1751-1062

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Book part
Publication date: 9 November 2009

Viktoria Baklanova

In July 2008 the U.S. Securities and Exchange Commission (SEC) published three proposals relating to the use of credit ratings in its rules and forms. The proposals were…

Abstract

In July 2008 the U.S. Securities and Exchange Commission (SEC) published three proposals relating to the use of credit ratings in its rules and forms. The proposals were designed to address concerns that the misuse of credit ratings may have contributed to the current crisis. The SEC sought market feedback regarding the effect the removal of credit rating references may produce on the markets.

This article examines the use of ratings by various market constituents, analyzes the details of the SEC proposals, and reviews the provided feedback. The main finding is that the majority of the market participants opposed the SEC proposals. Fiduciaries and regulated entities are looking to regulators to offer a common measure of risk, stable, accurate and free of conflict of interests.

Details

Credit, Currency, or Derivatives: Instruments of Global Financial Stability Or crisis?
Type: Book
ISBN: 978-1-84950-601-4

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