Price formation : the Burgundy wine market
The price formation process calls economic theories to account as soon as the notion of « quality » is introduced. This article uses the principle of « embeddedness » postulated by economic sociology to show how analysis of price formation can point to and reveal the social organization of markets for quality goods. A comprehensive approach to how Burgundy wine producers set their prices makes it possible to explain how their various decision-making procedures are related to statuses and professional relations. Using « integration variables » that are both economic and sociological, the discussion opens prospects for renewed dialogue between the two disciplines and thus represents a move forward in understanding the « economics of quality ».