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Do Top 100 wine lists provide consumers with better information?

Author

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  • Jean Marie Cardebat

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux)

  • Davide Gaeta
  • Paola Corsinovi

Abstract

This paper shows that the Wine Spectator Top 100 list mixes objective and subjective information while resembling a bargain wines list, in which the ranking is better when the price (score) is lower (higher). Indeed, there is a weak but positive and significant correlation between the WS ranking and the hedonic bargain wines rank calculated in this analysis. However, significant geographic bias, wineries bias, and the large part of unexplained variance of the WS ranking reveal that some subjective information also determines the WS Top 100 ranking. This blend of objective and subjective determinants, added to the formal aspect of the list, hierarchized from 1 to 100, might mislead the consumer into considering this ranking as a "best (top 100) bargain wine list". Therefore, this impossibility to disentangle objective from subjective information could be seen as a source of inefficiency on the wine market. Splitting the WS Top 100 list into a hedonic bargain wine list (based on objective components) and a non-hierarchized "crush" wine list could be a solution for reinforcing the quality of the information on the wine market

Suggested Citation

  • Jean Marie Cardebat & Davide Gaeta & Paola Corsinovi, 2018. "Do Top 100 wine lists provide consumers with better information?," Post-Print hal-03684966, HAL.
    • Handle: RePEc:hal:journl:hal-03684966
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    References listed on IDEAS

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    1. Hodgson, Robert T., 2009. "An Analysis of the Concordance Among 13 U.S. Wine Competitions," Journal of Wine Economics, Cambridge University Press, vol. 4(1), pages 1-9, April.
    2. Davide Gaeta & Paola Corsinovi, 2014. "Economics, Governance, and Politics in the Wine Market," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-39532-0.
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    7. Storchmann, Karl, 2012. "Wine Economics," Journal of Wine Economics, Cambridge University Press, vol. 7(1), pages 1-33, May.
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    9. Reuter, Jonathan, 2009. "Does Advertising Bias Product Reviews? An Analysis of Wine Ratings," Journal of Wine Economics, Cambridge University Press, vol. 4(2), pages 125-151, January.
    10. Cardebat, Jean-Marie & Paroissien, Emmanuel, 2015. "Standardizing Expert Wine Scores: An Application for Bordeaux en primeur ," Journal of Wine Economics, Cambridge University Press, vol. 10(3), pages 329-348, December.
    11. Ashton, Robert H., 2011. "Improving Experts' Wine Quality Judgments: Two Heads Are Better than One," Journal of Wine Economics, Cambridge University Press, vol. 6(2), pages 160-178, October.
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    Cited by:

    1. Castriota, Stefano & Corsi, Stefano & Frumento, Paolo Dyno & Ruggeri, Giordano, 2021. "Does quality pay off? “Superstar” wines and the uncertain price premium across quality grades," Working Papers 321846, American Association of Wine Economists.

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    More about this item

    Keywords

    Countries of Origin; Hedonic Bargain; Consumers; Information; Prices; Quality; Journalists; Top 100 list; Wine; Wine Appellations; Wine Critics; Wine Market;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising

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