Pennerstorfer, Dieter, Weiss, Christoph, Huber, Andreas. 2018. Experts, Reputation and the Price of Wine. 45th Conference EARIE , Athen, Griechenland, 31.08.-02.09.
BibTeX
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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Status of publication | Published |
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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
- Department of Economics (Weiss) (Details)