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JWE-Articles
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Journal of Wine Economics Volume 14 | 2019 | No. 1
»
Why Do Distilleries Produce Multiple Ages of Whisky?

Why Do Distilleries Produce Multiple Ages of Whisky?

Ian B. Page
JEL Clasification: D43, L13, L66
Pages: 26-47
Abstract

Vintage goods are a unique set of goods that accrue value over time. Unlike producers for many other vintage goods, Scottish distilleries often mature their stocks to different ages and sell a product line that varies significantly in quality. This article develops a theoretical model to examine this maturation strategy and identify market conditions under which a dis- tillery would produce multiple ages of whisky. An empirical analysis of distilleries’ product lines confirms results from the model and highlights the determinants of variety and substitut- ability between brands.

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