SSE/EFI Working Paper Series in Economics and Finance
Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings
(), Johan Almenberg
(), Anna Dreber
(), John W. Emerson
(), Alexis Herschkowitsch
() and Jacob Katz
Abstract: 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, or at any rate non-negative,
correlation. 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 even further.
Our results indicate that both the prices of wines and wine recommendations
by experts may be poor guides for non-expert wine consumers.
Keywords: Wine; price/quality relation; expertise; (follow links to similar papers)
JEL-Codes: L15; L66; M30; Q13; (follow links to similar papers)
11 pages, April 16, 2008, Revised April 24, 2008
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- This paper is published as:
Goldstein, Robin, Johan Almenberg, Anna Dreber, John W. Emerson, Alexis Herschkowitsch and Jacob Katz, (2008), 'Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings', Journal of Wine Economics, Vol. 3, No. 1, pages 1-9
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