Abstract

http://ssrn.com/abstract=1745122
 
 

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The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices


Robin M Cross


Applied Economics

Andrew Plantinga


Oregon State University

Robert N. Stavins


Harvard University - Harvard Kennedy School (HKS); Resources for the Future; National Bureau of Economic Research (NBER)

January 20, 2011


Abstract:     
We examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We find that prices are strongly determined by sub-AVA appellation designations, but not by specific site attributes. These results indicate that the concept of terroir matters economically, although the reality of terroir – as proxied for by locational attributes – is not significant.

Number of Pages in PDF File: 17

Keywords: wine, vineyard, hedonic price analysis

JEL Classification: C2, Q11

working papers series


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Date posted: January 23, 2011  

Suggested Citation

Cross, Robin M and Plantinga, Andrew and Stavins, Robert N., The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices (January 20, 2011). Available at SSRN: http://ssrn.com/abstract=1745122 or http://dx.doi.org/10.2139/ssrn.1745122

Contact Information

Robin M Cross
Applied Economics ( email )
221B Ballard Hall
Corvallis, OR OR 97331
United States
Andrew J. Plantinga (Contact Author)
Oregon State University ( email )
232B Ballard Extension Hall
Corvallis, OR 97331-4501
United States
Robert N. Stavins
Harvard University - Harvard Kennedy School (HKS) ( email )
79 John F. Kennedy Street
Cambridge, MA 02138
United States
617-495-1820 (Phone)
617-496-3783 (Fax)
Resources for the Future
1616 P Street, NW
Washington, DC 20036
United States
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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