The impact of gurus: Parker grades and en primeur wine prices¤
The purpose of this paper is to measure the impact of Robert Parker's oenological grades on Bordeaux wine prices. We study their impact on the so-called en primeur wine prices, i.e., the prices determined by the château owners when the wines are still extremely young. The Parker grades are usually published in the spring of each year, before the wine prices are established. However, the wine grades attributed in 2003 have been published much later, in the autumn, after the determination of the prices. This unusual reversal is exploited to estimate a Parker effect. We find that, on average, the effect is equal to 2.80 euros per bottle of wine. We also estimate grade-specific effects, and use these estimates to predict what the prices would have been had Parker attended the spring tasting in 2003. (JEL Classification: C21, D89, L15).
(This abstract was borrowed from another version of this item.)
|Date of creation:||2007|
|Date of revision:|
|Contact details of provider:|| Postal: 12, place du Panthéon, 75230 Paris Cedex 05|
Phone: (33) 1 44 41 89 61 (66)
Fax: (33) 1 40 51 81 30
Web page: http://ermes.u-paris2.fr/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Victor Ginsburgh & A. Monzak & M. Monzak, 2013.
"Red wines of Medoc: What is wine tasting worth?,"
ULB Institutional Repository
2013/152435, ULB -- Universite Libre de Bruxelles.
- Ginsburgh, V. & Monzak, M. & Monzak, A., 1992. "Red Wines of Medoc. What is Wine Tasting Worth?," Papers 9207, Universite Libre de Bruxelles - C.E.M.E..
- GINSBURGH, Victor & MONZAK, M., 1992. "Red wines of Médoc: What is wine testing worth ?," CORE Discussion Papers 1992027, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Alberto Abadie, 2005. "Semiparametric Difference-in-Differences Estimators," Review of Economic Studies, Oxford University Press, vol. 72(1), pages 1-19.
- Victor Ginsburgh, 2003.
"Awards, success and aesthetic quality in the arts,"
ULB Institutional Repository
2013/1679, ULB -- Universite Libre de Bruxelles.
- Avery, Christopher & Chevalier, Judith, 1999. "Identifying Investor Sentiment from Price Paths: The Case of Football Betting," The Journal of Business, University of Chicago Press, vol. 72(4), pages 493-521, October.
- Février Philippe & Roos William & Visser Michael, 2004.
"The buyer's option in multi-unit ascending auctions : the case of wine auctions at Drouot,"
Research Unit Working Papers
0409, Laboratoire d'Economie Appliquee, INRA.
- Philippe Février & William Roos & Michael Visser, 2005. "The Buyer's Option in Multi-Unit Ascending Auctions: The Case of Wine Auctions at Drouot," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(4), pages 813-847, December.
- Jones, Gregory V. & Storchmann, Karl-Heinz, 2001.
"Wine market prices and investment under uncertainty: an econometric model for Bordeaux Crus Classes,"
Blackwell, vol. 26(2), pages 115-133, November.
- Jones, Gregory V. & Storchmann, Karl-Heinz, 2001. "Wine market prices and investment under uncertainty: an econometric model for Bordeaux Crus Classes," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 26(2), November.
- Victor Ginsburgh & Luc Bauwens, 2000.
"Art experts and auctions :are pre-sale estimates unbiased and fully informative,"
ULB Institutional Repository
2013/152099, ULB -- Universite Libre de Bruxelles.
- Luc BAUWENS & Victor GINSBURGH, 2000. "Art experts and auctions Are pre-sale estimates unbiased and fully informative?," Discussion Papers (REL - Recherches Economiques de Louvain) 2000022, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- BAUWENS, Luc & GINSBURGH, Victor, . "Art experts and auctions are pre-sale estimates unbiased and fully informative?," CORE Discussion Papers RP 1485, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Heckman, James J, 1990. "Varieties of Selection Bias," American Economic Review, American Economic Association, vol. 80(2), pages 313-18, May.
- James J. Heckman & Lance Lochner & Christopher Taber, 1998.
"General Equilibrium Treatment Effects: A Study of Tuition Policy,"
NBER Working Papers
6426, National Bureau of Economic Research, Inc.
- Heckman, James J & Lochner, Lance & Taber, Christopher, 1998. "General-Equilibrium Treatment Effects: A Study of Tuition Policy," American Economic Review, American Economic Association, vol. 88(2), pages 381-86, May.
- James J. Heckman & Hidehiko Ichimura & Petra Todd, 1998. "Matching As An Econometric Evaluation Estimator," Review of Economic Studies, Oxford University Press, vol. 65(2), pages 261-294.
- Véronique Chossat & Olivier Gergaud, 2003. "Expert Opinion and Gastronomy: The Recipe for Success," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(2), pages 127-141, May.
- Héla Hadj Ali & Céline Nauges, 2007. "The Pricing of Experience Goods: The Example of en primeur Wine," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(1), pages 91-103.
- Shleifer, Andrei, 1986. " Do Demand Curves for Stocks Slope Down?," Journal of Finance, American Finance Association, vol. 41(3), pages 579-90, July.
- Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
When requesting a correction, please mention this item's handle: RePEc:erm:papers:0718. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.