The Demand for Expert Opinion: Bordeaux Wine

Author:

Ashenfelter Orley,Jones Gregory V.

Abstract

AbstractIn this paper, we use unique data from the market for Bordeaux wine to test the hypothesis that consumers are willing to pay for expert opinion because it is accurate. Using proprietary indicators of the quality of the vintage, which are based on both publicly and privately available information, we find that additional publicly available information on the weather improves the expert's predictions of subsequent prices. This establishes that the expert opinions are not efficient, in the sense that they can be easily improved, and that these opinions must be demanded, at least in part, for some purpose other than their accuracy. (JEL Classification: D8, Q13)

Publisher

Cambridge University Press (CUP)

Subject

Horticulture,General Business, Management and Accounting,Food Science

Reference7 articles.

1. Bordeaux Wine Vintage Quality and the Weather

2. A Hedonic Approach to Vineyard Site Selection. Presentation to Fifth Annual Meeting of the Vineyard Data Quantification Society;Ashenfelter;Journal of Wine Economics,2014

3. Di Vittorio A. , and Ginsburgh V. (1994). Red wines of Medoc vintages from 1949 to 1989 at Christie's auctions, Working paper.

4. Krueger A.B. , and Wu S. (1998). Forecasting successful economics graduate students. Princeton University, Industrial Relations Section, Working Paper No. 403.

Cited by 57 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3