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The use of expert opinion, quality and reputation indicators by consumers: evidence from the French vaulting stallion semen market

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  • Nicolas Vaillant
  • Philippe Lesot
  • Quentin Bonnard
  • Valerie Harrant

Abstract

We build a model inspired by the standard hedonic approach developed by Rosen (1974) and completed by Landon and Smith (1997, 1998) to analyse the price of French vaulting stallion semen in 2004. We show that reputation, modelled as an endogenous factor, plays a less important role than information on true quality for the explanation of price dispersion. This result is explained by the fact that information on studhorses is not only available but also reliable, insofar as the quality of a stallion is stable over time, contrary to nondurable products like wine or cigars. This explains also why consumers on this market do not use expert opinions to make their choices.

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  • Nicolas Vaillant & Philippe Lesot & Quentin Bonnard & Valerie Harrant, 2010. "The use of expert opinion, quality and reputation indicators by consumers: evidence from the French vaulting stallion semen market," Applied Economics, Taylor & Francis Journals, vol. 42(6), pages 739-745.
  • Handle: RePEc:taf:applec:v:42:y:2010:i:6:p:739-745
    DOI: 10.1080/00036840701720812
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    Cited by:

    1. Nicolas G. Vaillant & Francois-Charles Wolff, 2011. "Understanding how experts rate cigars," Post-Print hal-00732116, HAL.
    2. Nicolas G鲡rd Vaillant & François-Charles Wolff, 2013. "Understanding how experts rate cigars: a ‘havanometric’ analysis," Applied Economics, Taylor & Francis Journals, vol. 45(1), pages 99-109, January.
    3. Wallentin, Erik, 2016. "Demand for cinema and diverging tastes of critics and audiences," Journal of Retailing and Consumer Services, Elsevier, vol. 33(C), pages 72-81.

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