This paper models optimal release prices of an experience good recurrently issued on markets. Using a sample of Bordeaux wines, we find that using a minimal number of intrinsic and extrinsic attributes is sufficient to explain a large proportion of release prices. We further observe a significant relationship between primary market prices and secondary market prices and general economic conditions. Release prices can deviate from secondary market prices in the short run but remain aligned over the long run. Finally, an out-of-sample analysis indicates that short-run mispricing directly affects the purchase behavior of customers.

中文翻译：

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波尔多葡萄酒应该以什么价格发布？

本文对在市场上反复发行的体验商品的最佳发行价格进行建模。使用波尔多葡萄酒的样本，我们发现使用最少数量的内在和外在属性就足以解释大部分的发布价格。我们进一步观察到一级市场价格和二级市场价格与总体经济状况之间存在显着关系。发布价格在短期内可能偏离二级市场价格，但在长期内保持一致。最后，样本外分析表明短期错误定价直接影响客户的购买行为。