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JWE-Articles
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Journal of Wine Economics Volume 7 | 2012 | No. 2
»
804 Tastes: Evidence on Preference, Randomness and Value from Double-Blind Wine Tastings

804 Tastes: Evidence on Preference, Randomness and Value from Double-Blind Wine Tastings

Jeffrey C. Bodington
JEL Clasification: A10, C00, C12, D12
Pages: 181-191
Abstract

Results for a total of 804 double-blind tastes by experienced tasters during nine tasting events are reported. T-test results reject the hypothesis that flight-position bias affects results. The distribution of ranks for a wine is a mixture distribution, and tests concerning the variance of that mixture distribution do not isolate the variance due to the randomness mixture component alone. T-statistics for the mean ranks of high- and low-ranking wines are over several standard deviations from a random expectation. T-tests show that the statistical significance of the difference between wine ranks is positively related to the difference in their mean ranks. At a 95% level of significance, the difference in ranks between the first- and second-place wines appears to be significant in 33% of tastings. At 95%, the difference in ranks between the first- and last-place wines appears to be significant in 100% of tastings. Monte Carlo simulation shows that much of those differences could be illusory and due to ranking procedures that lead to Type I errors. While the mean correlation coefficient between price per bottle and mean preference is a weakly positive 0.23, this may not indicate an inefficient market.

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