How do judgment devices influence price formation? We investigate this question through a study of the German wine market. The German wine market is characterized by the simultaneous existence of two classification systems: the official classification system referring to the quality in the...

With the availability of new techniques to close wine bottles avoiding the risk of “corky” taste the tradition of closing wine bottles with cork stoppers is on the retreat. As a consequence the Mediterranean cork oak forests with their rich biodiversity are endangered since their cultivation...

A substantial expansion of wine supply has induced a strong product proliferation on the market. It is not only the taste of wines that has become more diversified, but quality signals are increasingly utilized, too. Quality signals include information on the wine bottle, such as origin, grape...

We develop a hedonic pricing model for German quality wine. Quality indicators for 4,141 wines are sensory awards received at the annual German wine competition and the legally required quality category as well as a set of control variables including regional origin, color, style, and their age...