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Home
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Working Papers
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Expert opinions and Bordeaux wine prices An Attempt to Correct the Bias of Subjective Judgments

Working Paper No. 129

Published: 2013
Category:
Economics

Expert opinions and Bordeaux wine prices An Attempt to Correct the Bias of Subjective Judgments

Jean-Marie Cardebat & Jean-Marc Figuet
Full Text PDF
Abstract
Since wine is an experience good, experts may help to fill a lack of information to non-expert consumers. In the literature, the true impact of experts on the pricing of wine is unclear. Do they really influence the price? Is there a Parker effect? Or are meteorological conditions predominant? We use a dataset concerning the scores attributed to wines from France, Spain and United States by 19 experts over the period 2000-2010 and the corresponding meteorological conditions. The data aims to avoid endogeneity and bias rooted in errors of judgment. We show that Bordeaux wine prices are very sensitive to expert ratings, but this impact is not higher than it is for Californian wines or Spanish wines. Furthermore, we did not find any direct evidence of a Parker effect for Bordeaux wine, but a presumption of measurement errors of any individual expert.

Submission

Please send your papers as PDF files to the editor, Victor Ginsburgh, at vginsbur@ulb.ac.be
Papers will be quickly reviewed, prior to potential posting on the website. Decision will be to post or not, possibly with short comments, but without referee reports. The decision will be based primarily on the suitability of the paper’s topic to the aims of the Association.
Such decisions are independent of publication decisions for the Journal of Wine Economics.

Working Paper publication requires that at least one author
is a regular member of AAWE.

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