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Expert Opinion and the Demand for Experience Goods : an experimental approach in the retail wine market

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Author Info

  • Hilger, James
  • Rafert, Greg
  • Villas-Boas, Sofia B

    ()
    (University of California, Berkeley. Dept of agricultural and resource economics and policy)

Abstract

The effect of expert opinion on demand for experience goods is difficult to quantify, as the relationship between purchases and reviews may be driven by product quality. Further, it is unclear whether a review-based demand effect is due to providing quality or existence information. Utilizing a retail field experiment to overcome these obstacles, we find a significant positive average consumer response to expert opinion labels for wine. Demand decreases for low scoring wines and demand increases for wines scoring average or higher. Results indicate that expert opinion labels transmit quality information as opposed to solely shelf visibility.

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File URL: http://repositories.cdlib.org/are_ucb/1049
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Bibliographic Info

Paper provided by University of California at Berkeley, Department of Agricultural and Resource Economics and Policy in its series CUDARE Working Paper Series with number 1049.

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Length: 25 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:are:cudare:1049

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Related research

Keywords: experimental methods; consumer behavior; wine industry;

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References

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  1. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
  2. Montgomery, Cynthia A & Wernerfelt, Birger, 1992. "Risk Reduction and Umbrella Branding," The Journal of Business, University of Chicago Press, vol. 65(1), pages 31-50, January.
  3. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr.
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Cited by:
  1. Cunningham, A. Scott & Engelstätter, Benjamin & Ward, Michael R., 2011. "Understanding the effects of violent video games on violent crime," ZEW Discussion Papers 11-042, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Engström, Per & Forsell, Eskil, 2013. "Demand effects of consumers’ stated and revealed preferences," Working Paper Series 2013:6, Uppsala University, Department of Economics.
  3. Michela Ponzo & Vincenzo Scoppa, 2013. "Experts’ Awards and Economic Success: Evidence from an Italian Literary Prize," CSEF Working Papers 335, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

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