The role of customer and expert ratings in a hedonic analysis of French red wine prices: from gurus to geeks?

Stephen Bazen, Jean-Marie Cardebat and Magalie Dubois
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Jean-Marie Cardebat: INSEEC - Institut des hautes études économiques et commerciales | School of Business and Economics, BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Magalie Dubois: CEREN - Centre de Recherche sur l'ENtreprise [Dijon] - BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC), BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: Wine experts' ratings provide quality information and reduce the information asymmetry for the consumer. We hypothesize that consumers' ratings will come to dominate expert ratings in the wine expertise market. We employ a hedonic regression framework on the attributes of 36,970 French red wines to determine the relative impacts of expert and Vivino community ratings on wine prices. Average consumer ratings are found to have a larger effect on price than expert scores. These results are found to be robust to outliers and the general conclusion that peers matter more than experts holds when we exclude the top-end wines.

Keywords: Hedonic analysis; Wine experts; Peer rating; Wine prices; Quality evaluation (search for similar items in EconPapers)
Date: 2024
Note: View the original document on HAL open archive server: https://hal.science/hal-04213314v1
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Published in Applied Economics, 2024, 56 (46), pp.5513-5529. ⟨10.1080/00036846.2023.2257036⟩

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Journal Article: The role of customer and expert ratings in a hedonic analysis of French red wine prices: from gurus to geeks? (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04213314

DOI: 10.1080/00036846.2023.2257036

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