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DO MORE EXPENSIVE WINES TASTE BETTER? EVIDENCE FROM A LARGE SAMPLE OF BLIND TASTINGS

Robin Goldstein, Johan Almenberg, Anna Dreber (), John W. Emerson, Alexis Herschkowitsch and Jacob Katz

No 37328, Working Papers from American Association of Wine Economists

Abstract: Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines slightly less. For individuals with wine training, however, we find indications of a positive relationship between price and enjoyment. Our results are robust to the inclusion of individual fixed effects, and are not driven by outliers: when omitting the top and bottom deciles of the price distribution, our qualitative results are strengthened, and the statistical significance is improved further. Our results indicate that both the prices of wines and wine recommendations by experts may be poor guides for non-expert wine consumers.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-exp
Date: 2008-04
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Journal Article: Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings (2008) Downloads
Working Paper: Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings (2008) Downloads
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