Tasting and consumer demand for wine: do peers and experts matter?
Expert and peer reviews and popularity are freely available both on the Internet and in printed materials for a variety of food products. Using two experimental studies with non-hypothetical tastings and auctions, we explore the impact of peer tasting popularity, actual peer ratings, and expert rati...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
|
| Series: | Agricultural and Resource Economics Review |
| Subjects: | |
| Online Access: | https://www.cambridge.org/core/product/identifier/S1068280523000114/type/journal_article |
| Summary: | Expert and peer reviews and popularity are freely available both on the Internet and in printed materials for a variety of food products. Using two experimental studies with non-hypothetical tastings and auctions, we explore the impact of peer tasting popularity, actual peer ratings, and expert ratings on demand for wines consumers can or have tasted. We find that higher own wine ratings are associated with higher willingness to pay (WTP). Morevoer, higher peer and expert rating scores increase consumer WTP for wine even after controlling for the impact of consumers’ own ratings. Observed peer popularity also increases WTP for preferred wines. |
|---|---|
| ISSN: | 1068-2805 2372-2614 |