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Do Tasting Notes Add Value? Evidence from Napa Wines

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  • Ramirez, Carlos D.

Abstract

This paper evaluates whether tasting notes—the brief testimony that describes the sensory properties of wines—add value. The analysis is based on a sample of over 2700 recent-vintage cabernet sauvignon wines evaluated by Wine Spectator. I estimate a dynamic wine price model to evaluate the marketing effect of the note, controlling for quality measures as well as other wine characteristics. The results indicate that the length of the tasting note exerts a strong positive influence on the wine's price, even after controlling for quality. A 10 percent increase in the number of characters in the tasting note (about 23 additional characters) contributes about two to four dollars to the price of the wine. Further analysis reveals that the value of the tasting note does not come from the “analytical†words contained in the note but rather, from the more subjective component of it. (JEL Classification: L66, L11, C23)

Suggested Citation

  • Ramirez, Carlos D., 2010. "Do Tasting Notes Add Value? Evidence from Napa Wines," Journal of Wine Economics, Cambridge University Press, vol. 5(1), pages 143-163, April.
    • Handle: RePEc:cup:jwecon:v:5:y:2010:i:01:p:143-163_00
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    Cited by:

    1. Clarissa Laura Maria Spiess Bru, 2023. "Does the Tasting Note Matter? Language Categories and Their Impact on Professional Ratings and Prices," Working Papers Dissertations 105, Paderborn University, Faculty of Business Administration and Economics.
    2. Aldott, Zoltan, 2021. "Predicting Specialty Coffee Auction Prices Using Machine Learning," Warwick-Monash Economics Student Papers 15, Warwick Monash Economics Student Papers.

    More about this item

    JEL classification:

    • L66 - Industrial Organization - - Industry Studies: Manufacturing - - - Food; Beverages; Cosmetics; Tobacco
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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