The Role of Individual Risk Attitudes on Old Wine Valuations

Abstract In this article, we report the results of an experiment designed to address the effect of risk attitudes on valuations of aged wines. We find that higher risk taking in the economic domain is associated with a significantly higher willingness to pay for an old wine. Given the increasing interest of consumers and investors in old wines, our results are applicable to the pricing of old wines and to the use of auctions as an efficient willingness to pay elicitation mechanism. (JEL Classifications: C91, D44, L66)

• Publication year

  2019

• Venue

  Journal of Wine Economics

• Publication date

  2019-11-01

• Fields of study

  Business, Economics

• Identifiers
  DOI 10.1017/jwe.2019.43
• External record

  Open on Semantic Scholar

• Source metadata

  Semantic Scholar

• No claims are published for this paper.

• No concepts are published for this paper.

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