12.04.2015 Views

The wine delusion

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

price, flavour expectations of such flowery descriptions is nothing but a joke to the human<br />

capacity. Besides, nothing expresses approval like a Parker score of 90­plus or a gold<br />

medal, both of which correlate to higher prices. In other words, it would mean logical for the<br />

best­tasting <strong>wine</strong>s to pick up 90­plus scores and medals. But to Goldstein, that’s far from<br />

the truth. Wine Spectator makes $1 million in application fees for its ‘Award of Excellence’<br />

every year. And Goldstein’s own stunt made it quite clear: money talks. To take it a step<br />

further, Goldstein (cited in Berdik, 2012), along with economists Craig Riddell and Orley<br />

Ashenfelter, compared Wine Spectator­style ratings to ‘Zagat’ ratings, which is done much<br />

the same way, except that it is awarded to restaurants for the best food menu. Results<br />

showed that for each point awarded, the price of a meal rose up to 48% (Berdik, 2012).<br />

Things take time<br />

Goldstein’s (2008) price­signal study, which placed results onto a 100­point ratings<br />

scale, found that pricier <strong>wine</strong>s averaged 7 points lower among everyday drinkers and 4<br />

points higher among experts. Which means, when people are freed of expectations, their<br />

preferences would differ from that of the experts. So it seems perfectly reasonable to<br />

assume that critics’ tastes may well have been corrupted. If people could pick <strong>wine</strong>s purely<br />

on blind tasting, would they still prefer expensive <strong>wine</strong>s? Goldstein has helped launch a<br />

<strong>wine</strong> research institute in California’s Napa Valley. Whose aim is to, by bringing together<br />

behavioural economists and <strong>wine</strong> enthusiasts, explore the gap between subjective quality<br />

and price in the <strong>wine</strong> industry. It seeks to compare the effects and relationship of a <strong>wine</strong>’s<br />

region, price, bottle type, sensory characteristics and preferences across people, experts<br />

13

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!