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Parker, Wine Spectator and Retail Prices of Bordeaux Wines in Switzerland: Results from Panel Data 1995 - 2000

Kugler, Peter and Kugler, Claudio. (2010) Parker, Wine Spectator and Retail Prices of Bordeaux Wines in Switzerland: Results from Panel Data 1995 - 2000. WWZ Discussion Papers, 2010 (10).

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Abstract

This paper considers the effect of Parker and Wine Spectator ratings on Swiss retail prices of the grand cru classé of Médoc , Graves and St Emilion as well as the most renowned wines of Pomerol in a panel data setting. The application of a two-way fixed effects regression model to data of the vintages 1995 to 2000 of 121 wines leads to the following conclusions: There is clear evidence that WS ratings do not provide additional information for retail prices when we take into account the fixed effects and the Parker ratings. The evidence of a marginal effect of Parker ratings on Bordeaux prices is mixed. We find it for five of the nine appellations, in particular for Paulliac and Pomerol where a one Parker point increase is estimated to lead to a 6-7% price increase. This “only” partial price influence of Parker is confirmed by comparing the estimated “chateau” fixed effects for the Médoc estates with their standing in the “old” 1855 classification and the most recent Parker classification of 2008.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Geld- und Währungsgeschichte (Kugler)
12 Special Collections > WWZ Publications > WWZ Discussion Papers and Working Papers
UniBasel Contributors:Kugler, Peter
Item Type:Working Paper
Publisher:WWZ, University of Basel
Number of Pages:17
Note:Publication type according to Uni Basel Research Database: Discussion paper / Internet publication
Language:English
Identification Number:
  • handle: RePEc:bsl:wpaper:2010/10
Last Modified:21 Mar 2018 14:22
Deposited On:07 Mar 2018 10:54

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