Segmenting the Wine Market Based on Price: Hedonic Regression when Different Prices mean Different Products
研究发现葡萄酒市场按价格区间分为多个细分市场，不同价格区间的特征价格函数不同，忽略这种异质性会导致估计偏差，而考虑市场细分的模型能更好解释数据并得到更准确的结果。
Abstract Many economists have estimated hedonic price functions for red and white wine. However, estimating a single hedonic price function imposes the assumption that the implicit prices of the attributes are the same for any red or white wine. We argue that even within these two categories, wines are differentiated, and disregarding this heterogeneity causes an aggregation bias in the estimated implicit prices. By estimating hedonic functions specific to price ranges, we show that the wine market is segmented into several product classes or market segments. We find that a model accounting for the existence of wine classes has greater ability to explain the variability in the data and produces more accurate and interpretable results regarding the implicit prices of the attributes.