Effect of Online Collective Intelligence in Wine Industry: Focus on Correlation between Wine Quality Ratings and On-Premise Prices

Young-Sik Kwak, Yoon-Jung Nam and Jae-Won Hong
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Young-Sik Kwak: Department of Business, Gyeongsang National University, Jinju 52725, Korea
Yoon-Jung Nam: Vino Consulting, Seoul 06018, Korea
Jae-Won Hong: Department of Global Trade, Gyeongsang National University, Jinju 52725, Korea

Sustainability, 2021, vol. 13, issue 14, 1-20

Abstract: This study aims to explore whether wine CI (Collective Intelligence) platforms, such as Wine Spectator and Wine Enthusiast, can provide a wine rating effect on price, as Robert Parker’s does in the Korean wine market. To achieve the purpose of the study, we collected information with wine evaluation ratings and on-premise prices from three wine evaluation sites and seven restaurants in South Korea. The researchers calculated the Pearson’s rho between the wine evaluation ratings and on-premise prices based on country, region, vintage, and type of wine. Based on the results of the study, the CI of wine ratings shows statistically the same association degree to price as wine guru Robert Parker’s score. This study can academically extend the research of CI’s application in the wine industry and provide strong support for a sustainable e-business model and pricing tactics in the wine industry.

Keywords: Online Collective Intelligence; wine rating on web; on-premise wine market; Country-of-Origin Effect (COE) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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