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| Horowitz, Ira; Lockshin, Larry. |
| The residuals from a set of linear regression equations built to explain the quality of a bottle of Australian wine via eight quality signals are examined to determine whether there is any relationship between their signs for individual producers and the diversity of their offerings. Product diversity is found to be a fault-ridden signal of a quality-bargain, which we define as a bottle of wine whose quality rating exceeds its regression-based expectation. Indeed, to the extent that the signal does impart useful information, the message would be that consumers are less likely to get their money's worth the greater is the diversity of the producer's offerings. |
| Tipo: Journal Article |
Palavras-chave: Wine marketing; Product diversity; Wine quality; Predicted quality; Quality-bargain; Agribusiness; Marketing. |
| Ano: 2006 |
URL: http://purl.umn.edu/8204 |
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| Goldstein, Robin; Almenberg, Johan; Dreber, Anna; Emerson, John W.; Herschkowitsch, Alexis; Katz, Jacob. |
| Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines slightly less. For individuals with wine training, however, we find indications of a positive relationship between price and enjoyment. Our results are robust to the inclusion of individual fixed effects, and are not driven by outliers: when omitting the top and bottom deciles of the price distribution, our qualitative results are strengthened, and the statistical significance is improved further. Our results indicate that both the prices of wines and wine... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Wine quality; Wire tasting; Wine prices; Demand and Price Analysis. |
| Ano: 2008 |
URL: http://purl.umn.edu/37328 |
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