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  • 标题:Return to wine: A comparison of the hedonic, repeat sales, and hybrid approaches
  • 本地全文:下载
  • 作者:Fogarty, James Joseph ; Jones, Callum
  • 期刊名称:Journal of Agribusiness
  • 印刷版ISSN:0738-8950
  • 出版年度:2011
  • 出版社:Journal of Agribusiness
  • 摘要:Comparisons between the return to wine and standard financial assets are complicated in that the return to wine must be estimated from infrequent sales of heterogeneous wine brands. Wine returns can be estimated using several different approaches, and here the performance of the hedonic approach, repeat sales approach, and hybrid approach are compared using 14,102 auction sale observations for Australian wine over the period 1988 to 2000. For the data set considered the results show that the hybrid approach provides the most efficient estimates, and that the repeat sales approach provides significantly higher total return estimates than the other two approaches. The portfolio diversification benefit attributed to holding wine is then shown to vary with estimation method.
  • 关键词:Return to wine;Price index
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