Impacts of Expert Information on Prices for an Experience Good across Product Segments: Tasting Notes and Wine Prices
| Autor: | Kuan-Ju Chen, Jill J. McCluskey |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2018 |
| Předmět: | |
| Zdroj: | Journal of Agricultural and Resource Economics, Vol 43, Iss 3, Pp 388-402 (2018) |
| Druh dokumentu: | article |
| ISSN: | 1068-5502 2327-8285 |
| DOI: | 10.22004/ag.econ.276501 |
| Popis: | When purchasing experience goods, consumers often rely on information from expert evaluations. In this article, we quantify how expert information impacts prices across product segments. for higher-end products, consumers have the incentive to invest more time in research prior to purchase. Thus, expert evaluations should have a greater impact on the price of higher-end segments. We analyze the effects of tasting notes on wine prices across price categories and find that certain keywords used in tasting notes to describe wine characteristics exert a significant influence on wine prices. These effects vary across different segments, with the greatest impact on the premium segment. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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