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THE INFLUENCE OF EXPERT REVIEWS ON CONSUMER DEMAND FOR EXPERIENCE GOODS: A CASE STUDY OF MOVIE CRITICS -super-*

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Author Info
David A. Reinstein
Christopher M. Snyder

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Abstract

An inherent problem in measuring the influence of expert reviews on the demand for experience goods is that a correlation between good reviews and high demand may be spurious, induced by an underlying correlation with unobservable quality signals. Using the timing of the reviews by two popular movie critics, Siskel and Ebert, relative to opening weekend box office revenue, we apply a difference-in-differences approach to circumvent the problem of spurious correlation. After purging the spurious correlation, the measured influence effect is smaller though still detectable. Positive reviews have a particularly large influence on the demand for dramas and narrowly-released movies. Copyright Blackwell Publishing Ltd. 2005.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.0022-1821.2005.00244.x
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Publisher Info
Article provided by Blackwell Publishing in its journal The Journal of Industrial Economics.

Volume (Year): 53 (2005)
Issue (Month): 1 (03)
Pages: 27-51
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Handle: RePEc:bla:jindec:v:53:y:2005:i:1:p:27-51

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  1. James Hilger & Greg Rafert & Sofia Villas-Boas, 2007. "Expert Opinion and the Demand for Experience Goods: An Experimental Approach," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series 1049, Department of Agricultural & Resource Economics, UC Berkeley. [Downloadable!]
  2. Jonathan Reuter & Eric Zitzewitz, 2005. "Do Ads Influence Editors? Advertising and Bias in the Financial Media," Finance 0501003, EconWPA. [Downloadable!]
    Other versions:
  3. Kristin Kiesel & Sofia Villas-Boas, 2008. "Another Nutritional Label--Experimenting with Grocery Store Shelf Labels and Consumer Choice--," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series 1060, Department of Agricultural & Resource Economics, UC Berkeley. [Downloadable!]
  4. Caroline Elliott & Rob Simmons, 2007. "Determinants of UK box office success: the impact of quality signals," Working Papers 004730, Lancaster University Management School, Economics Department. [Downloadable!]
  5. Caroline Elliott & Rob Simmons, 2008. "Determinants of UK Box Office Success: The Impact of Quality Signals," Review of Industrial Organization, Springer, vol. 33(2), pages 93-111, September. [Downloadable!] (restricted)
  6. Gerda Gemser & Martine Oostrum & Mark Leenders, 2007. "The impact of film reviews on the box office performance of art house versus mainstream motion pictures," Journal of Cultural Economics, Springer, vol. 31(1), pages 43-63, March. [Downloadable!] (restricted)
  7. Egon Franck & Stephan Nüesch, 2005. "Talent, Past Consumption and/or Popularity - Are German Soccer Celebrities Rosen or Adler Stars?," Working Papers 0043, University of Zurich, Institute for Strategy and Business Economics (ISU), revised 2006. [Downloadable!]
    Other versions:
  8. Sorensen, Alan T., 2004. "Bestseller Lists and Product Variety: The Case of Book Sales," Research Papers 1878, Stanford University, Graduate School of Business. [Downloadable!]
  9. Darlene C. Chisholm & George Norman, 2007. "Spatial Competition and Agglomeration: An Application to Motion Pictures," Discussion Papers Series, Department of Economics, Tufts University 0711, Department of Economics, Tufts University. [Downloadable!]
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