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Home
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Working Papers
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The Detrimental Effect of Expert Opinion on Price-Quality Dispersion Evidence from the Wine Market

Working Paper No. 118

Published: 2012
Category:
Economics

The Detrimental Effect of Expert Opinion on Price-Quality Dispersion Evidence from the Wine Market

Karl Storchmann, Alexander Mitterling & Aaron Lee
Full Text PDF
Abstract
In this paper we analyze the effect of expert opinion on the price-quality dispersion of experience goods by referring to a large sample of wines produced in the U.S. When controlling for the number of past critical reviews and for past quality scores attained on the producer level, the following results emerge from our analysis: (1) Price-quality dispersion grows with the level of past critical exposure. (2) Price- quality dispersion grows with the level of past maximum scores obtained. This is particularly pronounced if the difference between maximum and average points is high. (3) Both effects mentioned above exert their largest spillover in the low- quality bracket resulting in significant overpricing of mediocre wines.

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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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E-Mail: karl.storchmann@nyu.edu

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