Nadia A. Streletskaya, Nadeeka Weerasekara, Jie Li
Abstract Consumer choice of differentiated products, such as wine, depends on the composition of the choice set consumers are choosing from. However, choice sets are often situationally defined through wine-tasting lists or displayed wines in a particular tasting and sales environment. In this paper, we use an experiment to explicitly modify the saliency of wine options available outside the tasting room choice set and the amount of sensory information available about the wines before wine tasting. We explicitly test whether consumer regret and fear of missing out on alternative options or consumer search costs are more likely to drive behavior around large choice sets. We find that increasing the saliency of outside options decreases one's propensity to taste the wines available for tasting and purchase immediately, while changing search costs through sensory descriptions does not affect tasting behavior. This provides support for the anticipated regret and fear of missing out motivations for behavior around large wine-tasting lists.
{"title":"The impact of outside option saliency and product descriptions on consumer wine tasting behavior","authors":"Nadia A. Streletskaya, Nadeeka Weerasekara, Jie Li","doi":"10.1017/jwe.2023.12","DOIUrl":"https://doi.org/10.1017/jwe.2023.12","url":null,"abstract":"Abstract Consumer choice of differentiated products, such as wine, depends on the composition of the choice set consumers are choosing from. However, choice sets are often situationally defined through wine-tasting lists or displayed wines in a particular tasting and sales environment. In this paper, we use an experiment to explicitly modify the saliency of wine options available outside the tasting room choice set and the amount of sensory information available about the wines before wine tasting. We explicitly test whether consumer regret and fear of missing out on alternative options or consumer search costs are more likely to drive behavior around large choice sets. We find that increasing the saliency of outside options decreases one's propensity to taste the wines available for tasting and purchase immediately, while changing search costs through sensory descriptions does not affect tasting behavior. This provides support for the anticipated regret and fear of missing out motivations for behavior around large wine-tasting lists.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135538069","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract China has been one of the most important sources of growth in global wine demand this century, accounting for 7% of the world's wine consumption and imports by 2017, or four times its 2005 shares. But China's per capita wine consumption peaked in 2012, has fallen every year since 2017, and in 2022 was one-third of its peak, and its imports have more than halved since 2017. Certainly, the COVID-19 disruption and associated slowdown in China's income growth would account for some of that. However, the fall in China's alcohol consumption began three years earlier, and between 2019 and 2022, the fall was considerably larger for wine (47%) than for spirits (17%) and beer (3%). Thus, wine's share of alcohol consumption in China fell by two-fifths over those three years. The article speculates on the reasons behind the dramatic downturn in this globally important market and finishes by imagining future trends and drawing implications for wine-exporting countries.
{"title":"What's happened to the wine market in China?","authors":"Kym Anderson","doi":"10.1017/jwe.2023.16","DOIUrl":"https://doi.org/10.1017/jwe.2023.16","url":null,"abstract":"Abstract China has been one of the most important sources of growth in global wine demand this century, accounting for 7% of the world's wine consumption and imports by 2017, or four times its 2005 shares. But China's per capita wine consumption peaked in 2012, has fallen every year since 2017, and in 2022 was one-third of its peak, and its imports have more than halved since 2017. Certainly, the COVID-19 disruption and associated slowdown in China's income growth would account for some of that. However, the fall in China's alcohol consumption began three years earlier, and between 2019 and 2022, the fall was considerably larger for wine (47%) than for spirits (17%) and beer (3%). Thus, wine's share of alcohol consumption in China fell by two-fifths over those three years. The article speculates on the reasons behind the dramatic downturn in this globally important market and finishes by imagining future trends and drawing implications for wine-exporting countries.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135436855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Robert Camuto: <i>South of Somewhere: Wine, Food, and the Soul of Italy</i> University of Nebraska Press, Lincoln, NE, USA, 2021, 280 pp., ISBN: 978-1496225962, $10.68.","authors":"Morris P. Fiorina","doi":"10.1017/jwe.2023.21","DOIUrl":"https://doi.org/10.1017/jwe.2023.21","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"133 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135878908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Andreas Rokopanos, F. Bersimis, Guenter H Schamel, Christos Lallos
We explore the impact of the 2013 Common Agricultural Policy (CAP) reform on spatial price co-movements between the main European Union (EU) wine producer markets (i.e., Spain, France, and Italy). We consider monthly prices from January 2005 to January 2020 and R-Vine copula models, splitting the time period considered in December 2012 to track the changes in (1) the degree of integration, (2) the central markets, and (3) the potential asymmetries after the 2013 CAP reform. The results indicate an increasing overall price dependence from one sub-period to another, with Spain succeeding Italy as the central EU market. We also show asymmetry between Italy and France in the upper tail before 2013 and between Spain and France in the lower tail after 2013.
{"title":"Spatial integration and hierarchy in Old-World wine markets: The role of the 2013 CAP reform","authors":"Andreas Rokopanos, F. Bersimis, Guenter H Schamel, Christos Lallos","doi":"10.1017/jwe.2023.17","DOIUrl":"https://doi.org/10.1017/jwe.2023.17","url":null,"abstract":"\u0000 We explore the impact of the 2013 Common Agricultural Policy (CAP) reform on spatial price co-movements between the main European Union (EU) wine producer markets (i.e., Spain, France, and Italy). We consider monthly prices from January 2005 to January 2020 and R-Vine copula models, splitting the time period considered in December 2012 to track the changes in (1) the degree of integration, (2) the central markets, and (3) the potential asymmetries after the 2013 CAP reform. The results indicate an increasing overall price dependence from one sub-period to another, with Spain succeeding Italy as the central EU market. We also show asymmetry between Italy and France in the upper tail before 2013 and between Spain and France in the lower tail after 2013.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"1 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42348650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Daniel Kaimann, Clarissa Laura Maria Spiess Bru, B. Frick
The impact of product ratings is significant in the experience goods market, whose intangible products are difficult to evaluate before consumption. Product ratings can reduce information asymmetries because they represent a credible signal of quality and thus positively affect product sales. In this study, we shed light on how professional critics behave by focusing on the influence of product characteristics and former reviews on rating behavior and market prices as additional quality signals in wine markets. Using 13,911 observations from professional wine tastings, we analyze 8,444 worldwide-produced wines and their ratings over 20 years. We find clear evidence to suggest that prices and product ratings are significantly related. Finally, the results suggest that review consistency evolves and determines current ratings.
{"title":"Ratings meet prices: The dynamic relationship of quality signals","authors":"Daniel Kaimann, Clarissa Laura Maria Spiess Bru, B. Frick","doi":"10.1017/jwe.2023.14","DOIUrl":"https://doi.org/10.1017/jwe.2023.14","url":null,"abstract":"\u0000 The impact of product ratings is significant in the experience goods market, whose intangible products are difficult to evaluate before consumption. Product ratings can reduce information asymmetries because they represent a credible signal of quality and thus positively affect product sales. In this study, we shed light on how professional critics behave by focusing on the influence of product characteristics and former reviews on rating behavior and market prices as additional quality signals in wine markets. Using 13,911 observations from professional wine tastings, we analyze 8,444 worldwide-produced wines and their ratings over 20 years. We find clear evidence to suggest that prices and product ratings are significantly related. Finally, the results suggest that review consistency evolves and determines current ratings.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49669527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Is it possible to exploit cognitive biases so that a non-professional taster prefers one wine to several other absolutely identical wines? To address this question, three complementary experiments were carried out. Each time, five wines were tasted blind in a tasting laboratory by 24 to 34 tasters. Converging evidence from the experiments shows that participants were not capable of identifying that some of the wines they were tasting were absolutely identical. Moreover, the results show that by providing information about the wines’ ratings, prices, or reputation, tasters’ expectations can be modified, and, as a result, their evaluations of the wines can be altered. Specifically, we show that it is possible to modify the ranking between different wines and to get tasters to prefer a wine over other absolutely identical wines. Finally, a surprising finding was that experienced tasters express stronger opinions and adapt their evaluations more strongly after being given manipulative information on the wines they taste.
{"title":"The impact of wine tasters’ expectations on wine quality ratings and willingness-to-pay","authors":"Philippe Masset, S. Raub","doi":"10.1017/jwe.2023.15","DOIUrl":"https://doi.org/10.1017/jwe.2023.15","url":null,"abstract":"\u0000 Is it possible to exploit cognitive biases so that a non-professional taster prefers one wine to several other absolutely identical wines? To address this question, three complementary experiments were carried out. Each time, five wines were tasted blind in a tasting laboratory by 24 to 34 tasters. Converging evidence from the experiments shows that participants were not capable of identifying that some of the wines they were tasting were absolutely identical. Moreover, the results show that by providing information about the wines’ ratings, prices, or reputation, tasters’ expectations can be modified, and, as a result, their evaluations of the wines can be altered. Specifically, we show that it is possible to modify the ranking between different wines and to get tasters to prefer a wine over other absolutely identical wines. Finally, a surprising finding was that experienced tasters express stronger opinions and adapt their evaluations more strongly after being given manipulative information on the wines they taste.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48117247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Olivier Gergaud, Philippe Masset, Alice Pedrinelli, Jean-Philippe Weisskopf
Abstract This paper uses data from the 2021 Swiss edition of the Gault&Millau food guide to analyze the probability with which restaurant owners decide to share their wine list with the public. This is an important question relating to the amount of information circulating in markets characterized by information asymmetry in the context of experience and credence goods. We find that restaurant owners are more willing to share wine lists with others if competition is limited or their wine list does not contain idiosyncratic information that competitors may use strategically. Interviews indicate the challenge for restaurants to balance the risk of sharing information with competitors and the opportunity to attract wine lovers by revealing an appealing wine list. We also show that this decision depends on cultural considerations.
{"title":"To share or not to share: An analysis of wine list disclosure by Swiss restaurant owners","authors":"Olivier Gergaud, Philippe Masset, Alice Pedrinelli, Jean-Philippe Weisskopf","doi":"10.1017/jwe.2023.13","DOIUrl":"https://doi.org/10.1017/jwe.2023.13","url":null,"abstract":"Abstract This paper uses data from the 2021 Swiss edition of the Gault&Millau food guide to analyze the probability with which restaurant owners decide to share their wine list with the public. This is an important question relating to the amount of information circulating in markets characterized by information asymmetry in the context of experience and credence goods. We find that restaurant owners are more willing to share wine lists with others if competition is limited or their wine list does not contain idiosyncratic information that competitors may use strategically. Interviews indicate the challenge for restaurants to balance the risk of sharing information with competitors and the opportunity to attract wine lovers by revealing an appealing wine list. We also show that this decision depends on cultural considerations.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136267614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Cedric Klapisch (Director): Back to Burgundy (Ce qui nous lie) Written by Cedric Klapisch, Santiago Amigorena, and Jean-Marc Roulot. Produced by Ce Qui Me Meut Motion Pictures, StudioCanal, and France 2 Cinéma. Distributed by Music Box Pictures and StudioCanal International, 2017. 1 h 53 min.
塞德里克·克拉皮什(导演):《回到勃艮第》(Ce qui nous lie)编剧:塞德里克·克拉皮什、圣地亚哥·阿米戈雷纳、让-马克·鲁洛特。出品方:cequi Me Meut Motion Pictures, StudioCanal, France 2 cin录影带。Music Box Pictures和StudioCanal International发行，2017年。1小时53分。
{"title":"Cedric Klapisch (Director): <i>Back to Burgundy (Ce qui nous lie)</i> Written by Cedric Klapisch, Santiago Amigorena, and Jean-Marc Roulot. Produced by Ce Qui Me Meut Motion Pictures, StudioCanal, and France 2 Cinéma. Distributed by Music Box Pictures and StudioCanal International, 2017. 1 h 53 min.","authors":"Charles D. Kolstad","doi":"10.1017/jwe.2022.45","DOIUrl":"https://doi.org/10.1017/jwe.2022.45","url":null,"abstract":"Cedric Klapisch (Director): Back to Burgundy (Ce qui nous lie) Written by Cedric Klapisch, Santiago Amigorena, and Jean-Marc Roulot. Produced by Ce Qui Me Meut Motion Pictures, StudioCanal, and France 2 Cinéma. Distributed by Music Box Pictures and StudioCanal International, 2017. 1 h 53 min.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136041124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Neil McKendrick: The Bordeaux Club Académie du Vin Library, Shrewsbury, England, 2022, 300 pp., ISBN 978-1913141349, $33.60.","authors":"Radu V. Craiu","doi":"10.1017/jwe.2023.1","DOIUrl":"https://doi.org/10.1017/jwe.2023.1","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44734862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We propose to establish wine rankings using scores that depend on the differences between favorable and unfavorable opinions about each wine, according to the Borda rule. Unlike alternative approaches and specifications, this method is well-defined even if the panelists’ quality relations are not required to exhibit demanding properties such as transitivity or acyclicity. As an illustration, we apply the method to rank wines assessed by different experts and compare the resulting ranking with that obtained according to Condorcet's method of majority voting.
{"title":"Wine rankings and the Borda method","authors":"S. Barberà, W. Bossert, Juan D. Moreno-Ternero","doi":"10.1017/jwe.2023.7","DOIUrl":"https://doi.org/10.1017/jwe.2023.7","url":null,"abstract":"\u0000 We propose to establish wine rankings using scores that depend on the differences between favorable and unfavorable opinions about each wine, according to the Borda rule. Unlike alternative approaches and specifications, this method is well-defined even if the panelists’ quality relations are not required to exhibit demanding properties such as transitivity or acyclicity. As an illustration, we apply the method to rank wines assessed by different experts and compare the resulting ranking with that obtained according to Condorcet's method of majority voting.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45392152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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