Quotation Pennerstorfer, Dieter, Weiss, Christoph, Huber, Andreas. 2018. Experts, Reputation and the Price of Wine. 45th Conference EARIE , Athen, Griechenland, 31.08.-02.09.


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Abstract

We contribute to the literature on the relationship between product quality and market prices in two dimensions. First, we empirically account for endoge- nous reputation effects. An increase in quality has an immediate positive impact on product prices but also improves the reputation of a firm, which contributes to higher prices in the future. Secondly, we investigate selection effects in expert evaluations. Experts typically evaluate a selection of products only. In the wine market, we find that sample selection effects are important and conclude that reputation effects are highly relevant particularly for the top wines of a winery (’umbrella branding‘). Keywords: experts evaluations, hedonic pricing, wine quality, reputation-effects, sample selection, umbrella branding

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Paper presented at an academic conference or symposium
Language English
Title Experts, Reputation and the Price of Wine
Event 45th Conference EARIE
Year 2018
Date 31.08.-02.09.
Country Greece
Location Athen
URL http://www.earie2018.org/index

Associations

People
Weiss, Christoph (Details)
External
Huber, Andreas (WU, Austria)
Pennerstorfer, Dieter (Johannes Kepler Universität Linz, Austria)
Organization
Institute for Economic Policy and Industrial Economics IN (Details)
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