The impact of chemical and sensorial characteristics on the market price of Italian red wines

Authors

  • Eugenio Brentari University of Brescia - Quantitative Methods Department
  • Paola Zuccolotto University of Brescia - Quantitative Methods Department

DOI:

https://doi.org/10.1285/i20705948v4n2p265

Keywords:

hedonic price of wine, canonical correlation, Random Forest

Abstract

The hedonic price analysis presented in this paper is carried out on a dataset containing observable, sensory and chemical characteristics of a sample of Italian red wines. The study starts from the commonly observed evidence that in general the market price can be explained by the objective characteristics appearing on the label of the bottle and not by the wine’s quality. The aim of the analysis is to discover how quality matters. This objective is pursued by means of the construction of latent sensorial and chemical factors, whose implicit price, quantified using Random Forest variable importance measures, turns out to be appreciably high.

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Published

14-10-2011

Issue

Vol. 4 No. 2 (2011): Electronic Journal of Applied Statistical Analysis (With papers inspired by the Conference "AGROSTAT 2010").

Section

Special Issue - AGROSTAT2010

License

Authors who publish with EJASA agree to the  Creative Commons Attribuzione - Non commerciale - Non opere derivate 3.0 Italia License.