After the first release of Hipparcos data, Feast & Catchpole gave a new val
ue for the zero-point of the visual Cepheid period-luminosity relation, bas
ed on trigonometric parallaxes. Because of the large uncertainties on these
parallaxes, the way in which individual measurements are weighted is of cr
ucial importance. We therefore conclude that the choice of the best weighti
ng system can be aided by a Monte Carlo simulation. On the basis of such a
simulation, it is shown that (i) a cut-off in pi or in sigma(pi)/pi introdu
ces a strong bias; (ii) the zero-point is more stable when only the brighte
st Cepheids are used; and (iii) the Feast & Catchpole weighting gives the b
est zero-point and the lowest dispersion. After correction, the adopted vis
ual period-luminosity relation is [M-V] = -2.77 log P - 1.44 +/- 0.05, More
over, we extend this study to the photometric I band (Cousins) and obtain [
M-I] = -3.05 log P - 1.81 +/- 0.09.