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

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  • Héla Hadj Ali
  • Sébastien Lecocq
  • Michael Visser

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.

Suggested Citation

  • Héla Hadj Ali & Sébastien Lecocq & Michael Visser, 2008. "The Impact of Gurus: Parker Grades and En Primeur Wine Prices," Economic Journal, Royal Economic Society, vol. 118(529), pages 158-173, June.
    • Handle: RePEc:wly:econjl:v:118:y:2008:i:529:p:f158-f173
    DOI: 10.1111/j.1468-0297.2008.02147.x
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality

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