The hedonic price model for the wine market: A systematic and comparative review of the literature
系统梳理了葡萄酒市场特征价格函数估计的文献，分析了作者在方法选择、数据库类型等方面的决策，并发现属性选择、市场定义、信息源特征和计量方法对模型解释力影响最大。
Abstract This paper carries out a thorough review of the literature on the estimation of hedonic price functions in the wine market, compiling and carefully documenting all research work on the subject. The review analyses the main methodological decisions taken by the different authors, as well as the typology of the available databases: identification of the relevant market, specification of the price function, sources and types of prices, econometric methodology, and type of publication. The variance decomposition analysis of the Adjusted‐R‐squared values from the estimated hedonic price functions suggests that attribute selection, the definition of the product market, the characteristics of information sources, and the implemented econometric procedures are the most relevant factors in explaining the models’ explanatory power.