The (menu) price effect of a Michelin star

Lee A. Craig, Julianne Treme and Thomas J. Weiss

Applied Economics Letters, 2025, vol. 32, issue 4, 563-566

Abstract: We employ a unique data set of menu prices for every French and British restaurant that achieved three-star status in the Michelin Guides at least once during the restaurant’s operating life. We find that additional stars resulted in higher menu prices. In contrast, beyond some level, earning an additional number of ‘knives and forks’, the guide’s measure of service, ambience, and décor, does not confer additional pricing power to restaurants. Our results suggest restauranteurs pursuing an additional Michelin star should emphasize investments in chefs and ingredients – as opposed to service, ambience, and décor.

Date: 2025
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DOI: 10.1080/13504851.2023.2276076

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