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American Economic Review: Vol. 101 No. 3 (May 2011)
AER Volume. 101, Issue 3 | 
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Wine Retail Price Dispersion in the United States: Searching for Expensive Wines?
Article Citation
Jaeger, David A., and
Karl Storchmann. 2011. "Wine Retail Price Dispersion in the United States: Searching for Expensive Wines?."
American Economic Review,
101(3): 136-41.
DOI: 10.1257/aer.101.3.136
DOI: 10.1257/aer.101.3.136
Abstract
Similar to other markets in which deviations from Jevons' "law of one price" is the norm rather than the exception, the retail wine market in the United States is characterized by large price dispersions. Drawing on a large sample of retail prices from wine-searcher.com we find an average per-wine coefficient of variation of 23 percent. Some of this is due to differential market conditions, especially state regulations. Our evidence suggests that dispersion also depends positively on price levels, after controlling for consumer, market, and state heterogeneity.
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Authors
Jaeger, David A. (Center for Macroeconomic Research, U Cologne and Graduate Center, CUNY)
Storchmann, Karl (NYU)
Storchmann, Karl (NYU)
JEL Classifications
L11: Production, Pricing, and Market Structure; Size Distribution of Firms
L66: Food; Beverages; Cosmetics; Tobacco; Wine and Spirits
L81: Retail and Wholesale Trade; e-Commerce
L66: Food; Beverages; Cosmetics; Tobacco; Wine and Spirits
L81: Retail and Wholesale Trade; e-Commerce
