Understanding how experts rate cigars: A “havanometric” analysis
Drawing on data from an annual French guidebook published in 2004, this paper focuses on the determinants of experts' ratings on Cuban cigars. We find that high quality cigars are more likely to be recommended to more experienced cigar lovers. Both the self-assessed quality and recommendation depend on the length and diameter of the cigars, but also on more subjective characteristics like number and type of aromas. Results from a Fields' decomposition show that the quality of cigars is much more sensitive to the presence of a defect and number of aromas than the experts' recommendation, which is more influenced by the rarity of cigars. Finally, it is essentially the cigars' objective characteristics that have an influence on their prices, meaning that consumers truly benefit from additional qualitative information when reading experts' advice and ratings.
|Date of creation:||01 Nov 2010|
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- Ali, Héla Hadj & Lecocq, Sébastien & Visser, Michael, 2010.
"The Impact of Gurus: Parker Grades and en primeur Wine Prices,"
Journal of Wine Economics,
Cambridge University Press, vol. 5(01), pages 22-39, March.
- HélaHadj 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, 06.
- Héla Hadj Ali & Sébastien Lecocq & Michael Visser, 2005. "The impact of gurus : Parker grades and en primeur wine prices," Research Unit Working Papers 0507, Laboratoire d'Economie Appliquee, INRA.
- Ali-Kein, Hela Hadj & Lecocq, Sebastien & Visser, Michael, 2007. "The Impact of Gurus: Parker Grades and EN PRIMEUR Wine Prices," Working Papers 37292, American Association of Wine Economists.
- Hadj Ali H. & Lecocq S. & Visser M., 2007. "The impact of gurus: Parker grades and en primeur wine prices¤," Working Papers ERMES 0718, ERMES, University Paris 2.
- Gourieroux, Christian & Monfort, Alain & Renault, Eric & Trognon, Alain, 1987. "Simulated residuals," Journal of Econometrics, Elsevier, vol. 34(1-2), pages 201-252.
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