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Relationships Among Wine Prices, Ratings, Advertising, And Production: Examining A Giffen Good, Carol Miu
Relationships Among Wine Prices, Ratings, Advertising, And Production: Examining A Giffen Good, Carol Miu
University Avenue Undergraduate Journal of Economics
It has become increasingly popular for statistics to be used in the prediction of wine prices. In fact, the prices of mature wines produced in the Bordeaux region of France have been accurately predicted by vintage growing-season characteristics. This paper analyzes the relationships among wine prices, ratings, advertising, and production, using data obtained from a wine ratings magazine, Wine Spectator. It presents a model of wine price based on information about production quantity, vintage, country of origin, and wine type. This paper then examines the scoring method of Wine Spectator by evaluating the effects of wine price on wine rating. …