Auction Markets for Specialty Food Products with Geographical Indications
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We present a first analysis of auction markets for specialty food products. We identify auction prices, trade volume and value for domestic and foreign origin specialty ham with geographical indications (GIs) which were actually sold in online auctions in Germany within a one-month period. Applying hedonic modeling, we examine potential factors that may influence online bidding behavior and final auction prices. We estimate positive auction price effects for weight, bidding activity, and auction length, that the domestic product is sold at a discount, that higher shipping cost have a negative impact on final prices, and that auctions ending on Fridays and Saturdays yield lower prices. The model may be used to estimate the value of GIs. In our example, we estimate relative price differences of 20-30% for the GIs of three specialty hams (Prosciutto di Parma, Jamon Serrano, Schwarzwalder).