Wine experts’ rating: a matter of taste?

Purpose – Given the lack of consensus among wine experts, this paper aims to examine whether this implies they make systematic mistakes or is an expression of their idiosyncratic preferences. Design/methodology/approach – Grade equations are estimated for five famous wine-experts and a panel of 62 Bordeaux fine wines over the period 2003-2011. The appellation of origin is considered a measure of the typical taste of the wines. The authors control for objective factors, thanks to weather variables and the ranking of each wine. Findings – Ratings vary among experts, such that some statistically significantly favour wines produced in specific areas, indicating their taste preferences. Thus, preferences matter in expert ratings and would seem to suggest a continental variance. The finding explains the lack of consensus in this opinion market. Social implications – The lack of consensus among wine experts should not necessarily be viewed as market inefficiency. If consumers find the “right expert” reflecting t...

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