Wine tasters, ratings, and en primeur prices

Masset, Philippe (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Weisskopf, Jean-Philippe (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Cossutta, Mathieu (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland)

This paper examines the ratings of 12 influential wine critics on the Bordeaux en primeur market over the vintages 2003 – 2012. We hypothesize that wine experts differ significantly in their rating approach and in fl uence on prices. We fi nd that European critics are less transparent and in general more severe in their scoring than their American counterparts. Experts also appear to reach a relatively strong consensus on overall wine quality but have more diverse opinions on wines that achieve a surprising level of quality given the vintage, the ranking, or the appellation from which they originate. Our evidence also suggests that Robert Parker and Jean-Marc Quarin are the most in fl uential critics, as a 10% surprise in their scores leads to a price increase of around 7%. We further fi nd that their impact is higher for appella- tions and estates that are not covered by the of fi cial 1855 classi fi cation and for the best vintages.


Keywords:
Article Type:
scientifique
Faculty:
Economie et Services
School:
EHL
Subject(s):
Economie/gestion
Date:
2015
Pagination:
33 p.
Published in:
Journal of wine economics
Numeration (vol. no.):
May 2015, vol. 10, no. 1, pp. 75-107
Appears in Collection:

Note: The status of this file is: restricted


 Record created 2015-10-29, last modified 2018-12-20

Fulltext:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)