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1 results

  • Why Do Distilleries Produce Multiple Ages of Whisky?

  • Ian B. Page
  • Journal:
    Journal of Wine Economics / Volume 14 / Issue 1 / February 2019
    Published online by Cambridge University Press:
    10 January 2019, pp. 26-47

  • Vintage goods are a unique set of goods that accrue value over time. Unlike producers for many other vintage goods, Scottish distilleries often mature their stocks to different ages and sell a product line that varies significantly in quality. This article develops a theoretical model to examine this maturation strategy and identify market conditions under which a distillery would produce multiple ages of whisky. An empirical analysis of distilleries’ product lines confirms results from the model and highlights the determinants of variety and substitutability between brands. (JEL Classifications: D43, L13, L66)