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Globalization, Superstars, and the Importance of Reputation: Theory & Evidence from the Wine Industry

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Author Info

  • Gibbs, Michael

    (University of Chicago GSB)

  • Tapia, Mikel

    (Universidad Carlos III de Madrid)

  • Warzynski, Frederic

    ()
    (Department of Economics, Aarhus School of Business)

Abstract

We develop a simple model of the effects of reputation on wine prices. An increasing fraction of consumers who are “naïve” (less well informed about wine quality) results in a stronger sensitivity of wine prices to ratings of quality. We then use data on prices and Robert Parker’s ratings of wines, to show that prices have become more related to Parker ratings over time. In addition, we find that a change in Parker rating has a stronger effect on price, the stronger is the wine’s reputation.

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File URL: http://www.hha.dk/nat/wper/09-3_fwa.pdf
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Bibliographic Info

Paper provided by University of Aarhus, Aarhus School of Business, Department of Economics in its series Working Papers with number 09-3.

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Length: 33 pages
Date of creation: 09 Feb 2009
Date of revision:
Handle: RePEc:hhs:aareco:2009_003

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Postal: The Aarhus School of Business, Prismet, Silkeborgvej 2, DK 8000 Aarhus C, Denmark
Phone: +45 89 486396
Fax: +45 8615 5175
Web page: http://www.asb.dk/departments/nat.aspx
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Cited by:
  1. Corsi, Alessandro & Strøm, Steinar, 2013. "The Price Premium for Organic Wines: Estimating a Hedonic Farm-gate Price Equation," Memorandum 07/2013, Oslo University, Department of Economics.

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