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American Economic Review: Vol. 101 No. 3 (May 2011)

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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

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)

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


American Economic Review


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