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| Almenberg, Johan; Dreber, Anna. |
| We designed an experiment that examines how knowledge about the price of a good, and the time at which the information is received, affects how the good is experienced. The good in question was wine, and the price was either high or low. Our results suggest that hosts offering wine to guests can safely reveal the price: much is gained if the wine is expensive, and little is lost if it is cheap. Disclosing the high price before tasting the wine produces considerably higher ratings, although only from women. Disclosing the low price, by contrast, does not result in lower ratings. Our finding indicates that price not only serves to clear markets, it also serves as a marketing tool; it influences expectations that in turn shape a consumer’s experience. In... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Price-Quality Heuristic; Attribute Information; Role of Expectations; Marketing; Blind Tasting; Wine; Consumer/Household Economics; Demand and Price Analysis; C91; D03; D83; M31. |
| Ano: 2009 |
URL: http://purl.umn.edu/51755 |
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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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