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Information Asymmetries in the Pricing of Fine Wines

Stephen F. Thode (College of Business and Economics, Lehigh University, 621 Taylor Street, Bethlehem, Pennsylvania, USA 18015)
Larry W. Taylor (College of Business and Economics, Lehigh University, 621 Taylor Street, Bethlehem, Pennsylvania, USA 18015)
James M. Maskulka (College of Business and Economics, Lehigh University, 621 Taylor Street, Bethlehem, Pennsylvania, USA 18015)

International Journal of Wine Marketing

ISSN: 0954-7541

Article publication date: 1 January 2002

180

Abstract

A dynamic econometric model of wine auctions is estimated to measure the informational signalling impact of a wine critic on the return to the investment in fine wines. United States data suggests that critic Robert Parker is an influencer on the auction price of Bordeaux wines. Furthermore it appears that American buyers look toward the much larger European market in order to establish values. In doing so they may be able to mitigate the effects of asymmetric information.

Keywords

Citation

Thode, S.F., Taylor, L.W. and Maskulka, J.M. (2002), "Information Asymmetries in the Pricing of Fine Wines", International Journal of Wine Marketing, Vol. 14 No. 1, pp. 5-13. https://doi.org/10.1108/eb008731

Publisher

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MCB UP Ltd

Copyright © 2002, MCB UP Limited

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