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

RIS

@CONFERENCE{Pennerstorfer2018,
title = {Experts, Reputation and the Price of Wine},
author = {Dieter Pennerstorfer and Christoph Weiss and Andreas Huber},
year = {2018},
address = {Athen},
url = {http://www.earie2018.org/index},
language = {EN},
misc = {45th Conference EARIE },
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},
}