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The Impact of Gurus: Parker Grades and "En Primeur" Wine Prices

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Author Info
HélaHadj Ali
Sébastien Lecocq
Michael Visser

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Abstract

This article looks at the impact of Robert Parker's oenological grades on the so-called "en primeur" prices of young Bordeaux wines. The Parker grades are usually published in the spring of each year, before the wine prices are established. However, the wine grades for 2003 were published much later, in the autumn, "after" the determination of prices. This unusual reversal is exploited to estimate a Parker effect which we find to be, on average, worth 2.80 euros per bottle of wine. We also use grade-specific effects to predict what prices would have been had Parker attended the 2003 spring tasting. Copyright © The Author(s). Journal compilation © Royal Economic Society 2008.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0297.2008.02147.x
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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 118 (2008)
Issue (Month): 529 (06)
Pages: F158-F173
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Handle: RePEc:ecj:econjl:v:118:y:2008:i:529:p:f158-f173

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March. [Downloadable!] (restricted)
  2. Heckman, James J, 1990. "Varieties of Selection Bias," American Economic Review, American Economic Association, vol. 80(2), pages 313-18, May.
  3. Véronique Chossat & Olivier Gergaud, 2003. "Expert Opinion and Gastronomy: The Recipe for Success," Journal of Cultural Economics, Springer, vol. 27(2), pages 127-141, May. [Downloadable!] (restricted)
  4. Ginsburgh, V. & Monzak, M. & Monzak, A., 1992. "Red Wines of Medoc. What is Wine Tasting Worth?," Papers 9207, Universite Libre de Bruxelles - C.E.M.E..
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  5. Dubois, Pierre & Nauges, Céline, 2006. "Identifying the Effect of Unobserved Quality and Experts' Reviews in the Pricing of Experience Goods: Empirical Application on Bordeaux Wine," IDEI Working Papers 395, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
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  6. Avery, Christopher & Chevalier, Judith, 1999. "Identifying Investor Sentiment from Price Paths: The Case of Football Betting," Journal of Business, University of Chicago Press, vol. 72(4), pages 493-521, October. [Downloadable!] (restricted)
  7. Heckman, James J & Lochner, Lance & Taber, Christopher, 1998. "General-Equilibrium Treatment Effects: A Study of Tuition Policy," American Economic Review, American Economic Association, vol. 88(2), pages 381-86, May. [Downloadable!] (restricted)
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  8. Héla Hadj Ali & Céline Nauges, 2007. "The Pricing of Experience Goods: The Example of" en primeur" Wine," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 89(1), pages 91-103, 02. [Downloadable!] (restricted)
  9. Heckman, James J & Ichimura, Hidehiko & Todd, Petra, 1998. "Matching as an Econometric Evaluation Estimator," Review of Economic Studies, Blackwell Publishing, vol. 65(2), pages 261-94, April. [Downloadable!] (restricted)
  10. Heckman, James J & Ichimura, Hidehiko & Todd, Petra E, 1997. "Matching as an Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme," Review of Economic Studies, Blackwell Publishing, vol. 64(4), pages 605-54, October. [Downloadable!] (restricted)
  11. Alberto Abadie, 2005. "Semiparametric Difference-in-Differences Estimators," Review of Economic Studies, Blackwell Publishing, vol. 72(1), pages 1-19, 01. [Downloadable!] (restricted)
  12. Victor Ginsburgh, 2003. "Awards, Success and Aesthetic Quality in the Arts," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 99-111, Spring. [Downloadable!] (restricted)
  13. Jones, Gregory V. & Storchmann, Karl-Heinz, 2001. "Wine market prices and investment under uncertainty: an econometric model for Bordeaux Crus Classes," Agricultural Economics, Blackwell, vol. 26(2), pages 115-133, November. [Downloadable!] (restricted)
  14. Shleifer, Andrei, 1986. " Do Demand Curves for Stocks Slope Down?," Journal of Finance, American Finance Association, vol. 41(3), pages 579-90, July. [Downloadable!] (restricted)
  15. Luc BAUWENS & Victor GINSBURGH, 2000. "Art experts and auctions Are pre-sale estimates unbiased and fully informative?," Discussion Papers (REL - Recherches Economiques de Louvain) 2000022, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Goldstein, Robin & Almenberg, Johan & Dreber, Anna & Emerson, John W. & Herschkowitsch, Alexis & Katz, Jacob, 2008. "Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings," Working Paper Series in Economics and Finance 700, Stockholm School of Economics, revised 24 Apr 2008. [Downloadable!]
    Other versions:
  2. Dubois, Pierre & Nauges, Céline, 2006. "Identifying the Effect of Unobserved Quality and Experts' Reviews in the Pricing of Experience Goods: Empirical Application on Bordeaux Wine," IDEI Working Papers 395, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
    Other versions:
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