In a previous paper in this journal, Unwin criticised the prior wine applications of price hedonic theory. This paper recapitulates and elaborates Unwin's critique drawing primarily on basic knowledge from the econometric literature and more recent price hedonic wine studies. Facing this critique, the empirical section of the paper provides an example of how a more realistic and stripped-down version of the price hedonic model could be applied in the wine context.
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Christer Thrane (2004) studied this question.
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