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dc.contributor.author
Romero Gómez, Exequiel
dc.contributor.author
Ferro, Gustavo Adolfo
dc.date.available
2022-08-09T11:39:38Z
dc.date.issued
2020-10
dc.identifier.citation
Romero Gómez, Exequiel; Ferro, Gustavo Adolfo; Determining wine relevant markets: An applied method for winery mergers in Argentina; Emerald; International Journal of Wine Business Research; 32; 4; 10-2020; 523-536
dc.identifier.issn
1751-1062
dc.identifier.uri
http://hdl.handle.net/11336/164690
dc.description.abstract
Purpose: This study aims to verify how the product-relevant market for wines should be defined. To do so, the authors apply an empirical methodology to determine the levels of substitution among wine-categories, identifying each relevant market in Argentina. Design/methodology/approach: The authors perform an econometric analysis applying the nested logit methodology that will enable us to estimate cross elasticities in wine segments in the Argentine market. The database contains 1,367 brands and a maximum of 395 firms offering products of different segments. If cross elasticities between wine segments are positive and significantly different to zero, the products belong to the same relevant market. In the methodological section, the authors discuss the pros and cons of this approach and its alternatives, while in the empirical analysis, they perform several robustness controls. Findings: The proposed method and results provide an alternative to exogenously defining where each product category begins and ends. The results show that the relevant market for wines should be segmented by categories as the substitution between each one is very low. Research limitations/implications: In this empirical work, the study analyzes whether each segment constitutes a relevant, independent market. In Argentina, the practice of competition policy does not recognize substitution between different categories of wine; thus, each category constitutes a relevant market by itself, while according to the international practice, the relevant market includes all wine categories. The results suggest exploring the existence of different relevant markets of wine. Practical implications: Under the label “wine,” different types or qualities can act as substitutes among them in different possible relevant markets. A more precise definition of relevant markets permits informed decisions facing proposed mergers or anticompetitive practices. Social implications: This study provides a mechanism to determine the levels of substitution among wine categories (i.e. to find the boundaries of each relevant market). Wine is a differentiated product and, as such, offers different qualities (categories) for consumers. The consideration of those differences in winery mergers has consequences on social welfare. Originality/value: According to the international practice in competition policy, the relevant market includes all wine categories. This study provides an alternative to defining exogenously where each category of product begins and ends and does not assume a priori the direction or intensity of substitution among products.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Emerald
dc.rights
info:eu-repo/semantics/restrictedAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
ALCOHOLIC DRINKS
dc.subject
ARGENTINA
dc.subject
BRANDS
dc.subject
COMPETITION
dc.subject
ECONOMETRIC MODEL
dc.subject
MARKET SEGMENTATION
dc.subject
REGRESSION
dc.subject
WINES
dc.subject.classification
Economía, Econometría
dc.subject.classification
Economía y Negocios
dc.subject.classification
CIENCIAS SOCIALES
dc.title
Determining wine relevant markets: An applied method for winery mergers in Argentina
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2022-08-02T17:34:36Z
dc.identifier.eissn
1751-1070
dc.journal.volume
32
dc.journal.number
4
dc.journal.pagination
523-536
dc.journal.pais
Reino Unido
dc.journal.ciudad
Bingley
dc.description.fil
Fil: Romero Gómez, Exequiel. Barcelona Graduate School of Economics; España
dc.description.fil
Fil: Ferro, Gustavo Adolfo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad del Cema; Argentina
dc.journal.title
International Journal of Wine Business Research
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://www.emerald.com/insight/content/doi/10.1108/IJWBR-10-2019-0053/full/html
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/https://doi.org/10.1108/IJWBR-10-2019-0053
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