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Wiley InterScience | |||||||||||||||||||
  Agricultural EconomicsVolume 34 Issue 1, Pages 97 - 107 Published Online: 1 Feb 2006 © 2010 International Association of Agricultural Economists Published on behalf of the International Association of Agricultural Economists
Abstract | References | Full Text: HTML, PDF (Size: 133K) | Related Articles | Citation Tracking  Modeling winegrape prices in disequilibrium Copyright 2006 International Association of Agricultural Economics KEYWORDS C51 • D40 • Q11 KEYWORDS Wine pricing • Disequilibrium • Hedonic models Abstract
This article presents an econometric model of winegrape prices which recognizes the existence of demand and supply imbalances in the Australian market. A "markets in disequilibrium" framework is employed to motivate modeling price changes as responding to variations in excess demand/supply. The disequilibrium price equation provides estimates of regional and varietal price discounts/premiums and a measure of the speed of disequilibrium price adjustment. The equilibrium assumption is rejected for the market and substantial differences between equilibrium and disequilibrium estimates point to the inaccuracies of assuming market clearing. Disequilibrium estimates point to significant differences between warm and cool regions and changing speed of disequilibrium adjustment over time. Received 17 February 2003; received in revised form 1 September 2004; accepted 28 January 2005 | 
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