Purpose

The purpose of the study is to investigate micro determinants for dynamic wine pricing in Argentina. We test whether attributes and time affect the price rate of change. The rate of change is selected given the inflationary context of the country. The analysis provides valuable information for wine marketing decisions.

Design/methodology/approach

The modeling approach relies on panel data analysis for exploiting the data cross-section and time dimension. The contribution explores a massive price dataset at a weekly frequency. The dependent variable is the weekly price variation rate for product/wine and covariates are attributes, time and nominal variables. Given that endogeneity issues arose, the estimations rely on a two-stage least squares and instrumental variables with cluster-robust errors.

Findings

Estimations show that attributes, time and cost variables are statistically significant, with clear seasonal patterns and quality segmentation affecting pricing: wines made out of specific grapes such as Chenin, Merlot and Seedling or composing a broad category such as red wine, exhibit price undershooting (price rate of change below average). On the other hand, wines out of grapes such as Bonarda, Margaux, Mistela, Moscatel, Oporto, Tannat and Sauvignon Blanc show price overshooting (rate of change above average). In summary, wine made from determined grapes and specific wineries show divergent pricing.

Research limitations/implications

Covariates such as alcohol content, label descriptor information, winery history, substitute competition and vintage, among others, have not been considered given that the research analyzes more than 750 wine products. Another limitation is that the work does not explore many time-series covariates, such as promotions and idiosyncratic shocks.

Practical implications

The contribution presents new information on wine pricing patterns affected by weeks, months and years, including the effect of the prolonged 2020 Argentine lockdown. It also analyzes estimations on pricing at the level of grape/blend and wineries previously unknown in this market. The information can influence inventory decisions on the side of the sellers and purchase decisions on the side of consumers.

Social implications

The analysis includes fine but also low-cost wines that form part of the diet of low-income families in the country. The work detects a divergent pattern in pricing divided by the quality/price of the wine. It also presents information on price timing that may help consumers in the best moment to buy.

Originality/value

The contribution analyzes unprecedented information on weekly wine prices and presents evidence of pricing tactics from a point-of-sale perspective: It identifies different adjustment speeds related to product features and time effects.

中文翻译：

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阿根廷葡萄酒定价的动态分析

目的

该研究的目的是调查阿根廷动态葡萄酒定价的微观决定因素。我们测试属性和时间是否影响价格变化率。变化率是根据国家的通货膨胀情况选择的。该分析为葡萄酒营销决策提供了有价值的信息。

设计/方法/途径

建模方法依赖面板数据分析来利用数据横截面和时间维度。该文稿以每周一次的频率探索了一个庞大的价格数据集。因变量是产品/酒的每周价格变化率，协变量是属性、时间和名义变量。鉴于出现了内生性问题，估计依赖于两阶段最小二乘法和具有聚类稳健误差的工具变量。

发现

估计表明，属性、时间和成本变量具有统计显着性，具有明显的季节性模式和影响定价的质量细分：由特定葡萄（如 Chenin、Merlot 和 Seedling）制成的葡萄酒或由红葡萄酒等广泛类别组成的葡萄酒，表现出价格低于预期（价格变化率低于平均水平）。另一方面，用 Bonarda、Margaux、Mistela、Moscatel、Oporto、Tannat 和 Sauvignon Blanc 等葡萄酿造的葡萄酒显示价格过高（变化率高于平均水平）。总而言之，由确定的葡萄和特定的酒厂酿造的葡萄酒表现出不同的定价。

研究局限性/影响

鉴于该研究分析了超过 750 种葡萄酒产品，未考虑酒精含量、标签描述符信息、酿酒厂历史、替代品竞争和年份等协变量。另一个限制是这项工作没有探索许多时间序列协变量，例如促销和特殊冲击。

实际影响

该文稿提供了有关受数周、数月和数年影响的葡萄酒定价模式的新信息，包括 2020 年阿根廷长期封锁的影响。它还分析了对该市场以前不为人知的葡萄/混合酒和酿酒厂定价的估计。这些信息可以影响卖家的库存决策和消费者的购买决策。

社会影响

该分析包括优质但价格低廉的葡萄酒，这些葡萄酒是该国低收入家庭饮食的一部分。这项工作发现了一种不同的定价模式除以葡萄酒的质量/价格。它还提供有关价格时机的信息，可以帮助消费者在最佳购买时机。

原创性/价值

该文稿分析了前所未有的每周葡萄酒价格信息，并从销售点的角度提供了定价策略的证据：它确定了与产品特性和时间效应相关的不同调整速度。