波爾多產區葡萄酒特徵價格之研究

A Hedonic Pricing Analysis for Bordeaux Wine

葡萄酒本身的各項特徵會造就其產生不同價格，可能是年份、產地、葡萄品種、釀造工藝、酒莊等級和葡萄酒類型，甚或是專家所給予的評鑑分數，由特徵上的差異組合而成的一瓶葡萄酒，便有多種價格，使消費者困惑而猶豫不決，因此遂成為本文研究動機。本研究根據特徵因素與價格間的相關性為出發點，應用Rosen（1974）所提出的特徵價格理論（hedonic pricing theory），將葡萄酒的總值細分為個別特徵的價值，意即產品價格就是本身所有特徵價格的加總。本研究在專家評比分數這項特徵，特別放入兩本美國著名的葡萄酒評論專刊，Wine Advocate（WA）與Wine Spectator（WS）雜誌所公布的評分進行比較。
實證結果發現，客觀特徵變數中，酒莊等級、產區、年份對波爾多葡萄酒價格都具有顯著的影響。酒莊等級越高、品質較佳的產區以及較好的年份都對價格有正向的影響。另外依據WA 與WS 雜誌的評分不同，發現兩本雜誌所給予的評比分數皆具有影響價格的能力，亦即在選購葡萄酒時，可以參考此兩本雜誌的評分。但相比之下，WA 雜誌給予的評分特徵較受讀者所信賴，此結果也反映在葡萄酒的價格上。

Wine characteristics such as vintage, producing country/region, grape varieties, brewing technique, winery ranking and the scores given by the wine experts may all be confusing when consumers would like to make a wine purchasing decision. The motivation of this study regards to solving this problem. Hedonic Price Model is adapted, which is a valuation method provided by Rosen (1974) considering that a product is composed of many characteristics, and the product price should also be determined by the prices of each feature. In the empirical analysis, factors, such as the winery ranking, the producing region, the wine vintage, and expert score (Wine Advocate and Wine Spectator ratings), are used to establish the linear and semi-logarithmic regression models to estimate the hedonic price function.
The empirical results show that label information such as winery ranking, producing region, vintage and expert's score all have positively significant effects on wine prices. In addition, by comparing the expert's score results between WA and WS magazine, it was found that both had the ability to explain the wine price, which means that when you purchase the wine, expert's scores are good references. The result also shows that it seems that WA magazine’s scores could explain the wine prices better than WS's. It might imply consumers trust WA's points more than WS's.