Prices, Ratings Bias Consumer Enjoyment & Willingness To Pay

Source: Journal of Wine Economics
Volume 9, Number 2, 2014, Pages 115–134 doi:10.1017/jwe.2014.9

“The key conclusions from the study are that for non-expert wine consumers (1) there is no relationship between intrinsic wine character and enjoyment (individuals rated the same wines quite differently), and (2) price influences both appreciation of wine and Willingness To Pay (WTP), but the latter more strongly. Buying decisions are determined by consumer surplus (the difference between WTP and price), and yet, for non-expert wine drinkers, WTP is itself strongly influenced by price.” [Emphasis added]