Resumen de Seeking the Veritas about the Vino: fine wine ratings as wine knowledge
Fine wines challenge the consumer to know them and form a meaningful willingness to pay (WTP) for them. Recognizing the challenge to the wine consumer's knowledge of what she is buying, researchers have studied the relationship between price and measures of perceived quality or vicarious knowledge such as expert opinion. The argument is that, if unable to know the wine before buying it, consumers may use such information to guide their WTP. However, while this information may influence WTP, one wonders whether it improves the consumer's knowledge; the evidence of correlation is weak. This paper questions whether fine wine can be known vicariously through expert ratings. The paper reviews and critiques the kinds of information available to the wine consumer, especially experts’ opinions, as well as other factors that complicate the consumer's knowing what she will find in the bottle. While such expert information is not without value, the discussion highlights a number of shortcomings that limit its usefulness as a determinant of WTP.
