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Home
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JWE-Articles
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Journal of Wine Economics Volume 14 | 2019 | No. 2
»
On the Constancy of Hedonic Wine Price Coefficients over Time

On the Constancy of Hedonic Wine Price Coefficients over Time

Benoît Faye & Eric Le Fur
JEL Clasification: C13, C22, D44, G11
Pages: 182-207
Abstract

This article tests the stability of the main hedonic wine price coefficients over time. We draw on an extensive literature review to identify the most frequently used methodology and define a standard hedonic model. We estimate this model on monthly subsamples of a worldwide auction database of the most commonly exchanged fine wines. This provides, for each attri- bute, a monthly time series of hedonic coefficients time series data from 2003 to 2014. Using a multivariate autoregressive model, we then study the stability of these coefficients over time and test the existence of structural or cyclical changes related to fluctuations in general price levels. We find that most hedonic coefficients are variable and either exhibit struc- tural or cyclical variations over time. These findings shed doubt on the relevance of both short- and long-run hedonic estimations.

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