IDEAS home Printed from https://ideas.repec.org/a/ebl/ecbull/eb-25-00505.html
   My bibliography  Save this article

The value of information: evidence from expert scores and customer ratings for Italian and Spanish wines

Author

Listed:
  • Stephen Bazen

    (Aix-Marseille Univ., CNRS, AMSE, Marseille, France)

  • Jean-Marie Cardebat

    (BSE, Université de Bordeaux)

Abstract

Using data from the Vivino platform, we examine the relative importance of expert scores and consumer ratings for wine prices in Italy and Spain. Consumer ratings are found to have a large quantitative effect on bottle prices than expert scores. Red wine prices appear to be more affected by both quality evaluations than those for white wines. These findings have implications in terms of both nature of the market for information about wine quality and the use of scores as a marketing tool.

Suggested Citation

  • Stephen Bazen & Jean-Marie Cardebat, 2025. "The value of information: evidence from expert scores and customer ratings for Italian and Spanish wines," Economics Bulletin, AccessEcon, vol. 45(3), pages 1151-1158.
    • Handle: RePEc:ebl:ecbull:eb-25-00505
    as

    Download full text from publisher

    File URL: http://www.accessecon.com/Pubs/EB/2025/Volume45/EB-25-V45-I3-P101.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jean Marie Cardebat & Florine Livat, 2016. "Wine Experts’ Rating: A Matter of Taste?," Post-Print hal-03895914, HAL.
    2. Cardebat, Jean-Marie & Figuet, Jean-Marc & Paroissien, Emmanuel, 2014. "Expert Opinion and Bordeaux Wine Prices: An Attempt to Correct Biases in Subjective Judgments," Journal of Wine Economics, Cambridge University Press, vol. 9(3), pages 282-303, December.
    3. Edward Oczkowski & Nicholas Pawsey, 2019. "Community and Expert Wine Ratings and Prices," Economic Papers, The Economic Society of Australia, vol. 38(1), pages 27-40, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    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. Czupryna Marcin & Oleksy Paweł, 2018. "The Effect of an Electronic Exchange on Prices and Return Volatility in the Fine Wine Market," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 14(4), pages 22-35, December.
    3. B. Faye & E. Le Fur & S. Prat, 2015. "Dynamics of fine wine and asset prices: evidence from short- and long-run co-movements," Applied Economics, Taylor & Francis Journals, vol. 47(29), pages 3059-3077, June.
    4. Victor Ginsburgh, 2016. "On judging art and wine," ULB Institutional Repository 2013/253323, ULB -- Universite Libre de Bruxelles.
    5. Edward Oczkowski, 2019. "The relation between Australian wine show results and prices," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(3), pages 389-411, July.
    6. Bernd Frick & Clarissa Laura Maria Spiess Bru & Daniel Kaimann, 2023. "Are Women (Really) More Lenient? Gender Differences in Expert Evaluations," Working Papers Dissertations 106, Paderborn University, Faculty of Business Administration and Economics.
    7. Fabien Candau & Florent Deisting & Julie Schlick, 2017. "How Income and Crowding Effects Influence the World Market for French Wines," The World Economy, Wiley Blackwell, vol. 40(5), pages 963-977, May.
    8. Adrian Fernandez-Perez & Bart Frijns & Alireza Tourani-Rad & Jean-Philippe Weisskopf, 2019. "Behavioural heterogeneity in wine investments," Applied Economics, Taylor & Francis Journals, vol. 51(30), pages 3236-3255, June.
    9. Svetlana Ignjatijević & Jelena Vapa Tankosić & Nemanja Lekić & Duško Petrović & Sandra Brkanlić & Bojan Vapa & Vladimir Tomašević & Nikola Puvača & Radivoj Prodanović & Irena Milojević, 2022. "Agro-Environmental Practices and Business Performance in the Wine Sector," Agriculture, MDPI, vol. 12(2), pages 1-21, February.
    10. Masset, Philippe & Weisskopf, Jean-Philippe & Cardebat, Jean-Marie & Faye, Benoît & Le Fur, Eric, 2021. "Analyzing the risks of an illiquid and global asset: The case of fine wine," The Quarterly Review of Economics and Finance, Elsevier, vol. 82(C), pages 1-25.
    11. Masset, Philippe & Weisskopf, Jean-Philippe & Faye, Benoît & Le Fur, Eric, 2016. "Red obsession: The ascent of fine wine in China," Emerging Markets Review, Elsevier, vol. 29(C), pages 200-225.
    12. Jacobo Núñez & David Martín‐Barroso & Francisco J. Velázquez, 2024. "The hedonic price model for the wine market: A systematic and comparative review of the literature," Agricultural Economics, International Association of Agricultural Economists, vol. 55(2), pages 247-264, March.
    13. Paroissien, Emmanuel, 2016. "Solving for a Bias in the Standardized Expert Wine Score," Working Papers 231132, American Association of Wine Economists.
    14. Oczkowski Edward, 2022. "Price Premiums and Discounts for Australian Sparkling Wines," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 20(1), pages 25-38, May.
    15. Liang, Jiaji & Hu, Wuyang, "undated". "Hedonic Price Analysis: A View of the Wine Industry in Kentucky," 2018 Annual Meeting, August 5-7, Washington, D.C. 274050, Agricultural and Applied Economics Association.
    16. Edward Oczkowski, 2016. "Analysing Firm-level Price Effects for Differentiated Products: The Case of Australian Wine Producers," Australian Economic Papers, Wiley Blackwell, vol. 55(1), pages 43-62, March.
    17. Oczkowski, Edward, 2022. "Estimating Supply Functions for Wine Attributes: A Two-Stage Hedonic Approach," Journal of Wine Economics, Cambridge University Press, vol. 17(1), pages 1-26, February.
    18. Daniel Kaimann & Clarissa Laura Maria Spiess Bru, 2023. "Sounds too Feminine? Brand Gender and The Impact on Professional Critics," Working Papers Dissertations 107, Paderborn University, Faculty of Business Administration and Economics.
    19. Delmas, Magali A. & Gergaud, Olivier, 2021. "Sustainable practices and product quality: Is there value in eco-label certification? The case of wine," Ecological Economics, Elsevier, vol. 183(C).
    20. Bao, Alex & Bontems, Philippe & Cardebat, Jean-Marie & Chiappini, Raphael, 2024. "Exporters’ behaviour in the face of climate volatility," TSE Working Papers 24-1552, Toulouse School of Economics (TSE), revised Oct 2025.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-25-00505. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: John P. Conley (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.