Wine Ratings: Seeking a Consensus among Tasters via Normalization, Approval, and Aggregation. (August 2021)

• Record Type: Journal Article
• Authors: Gergaud, Olivier; Ginsburgh, Victor; Moreno-Ternero, Juan D.
• Is Part Of: Journal of wine economics. Volume 16:Number 3(2021)
• Page Start: 321
• Page End: 342
• Publication Date: 2021-08
• Subjects: global wine score -- Judgment of Paris -- ratings -- 2018 en-primeur Bordeaux wines -- wines; Wine and wine making -- Economic aspects -- Periodicals; Wine and wine making -- Periodicals; Wineries -- Economic aspects -- Periodicals; 338.476632
• DOI: 10.1017/jwe.2021.15
• Languages: English
• ISSNs: 1931-4361

Abstract

Abstract: The modern era of wine journalism has provided abundant information about wines and widespread use of numerical rating systems. A tiny difference, especially at the top of the distribution of ratings, may have striking consequences on wine sales and investment returns. This article provides a general framework to obtain a consensus among tasters' opinions (reflected as numerical wine ratings) via three subsequent stages: normalization, approval, and aggregation . It is inspired by contributions in political science, social choice, game theory, and operations research. We apply it to the Judgment of Paris as well as to rank 2018 en-primeur Bordeaux wines, rated by five international experts. (JEL Classifications: C18, L15, L66)