Assessing the Effect of Information on the Reservation Price for Champagne: What are Consumers Actually Paying for?*

Pierre Combris, Christine Lange and Sylvie Issanchou

Journal of Wine Economics, 2006, vol. 1, issue 1, 75-88

Abstract: Two series of Vickrey auctions have been performed to assess the effect of packaging information (bottle and label) on the reservation prices of ordinary consumers for five brut non-vintage Champagnes. As in other studies on wine tasting, packaging information is found to explain much more of the variation in willingness to pay than sensory information. Participants are unable, or unwilling, to put different values on the Champagnes after blind tasting, but significant differences in reservation prices appear when labels are disclosed. Detailed analysis of choices reveals a large heterogeneity in individual behaviors and valuations of the Champagnes included in this study. (JEL Classification: C91, D12)

Date: 2006
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