Abstract
This study aims to explore whether wine CI (Collective Intelligence) platforms, such as Wine Spectator and Wine Enthusiast, can provide a wine rating effect on price, as Robert Parker’s does in the Korean wine market. To achieve the purpose of the study, we collected information with wine evaluation ratings and on-premise prices from three wine evaluation sites and seven restaurants in South Korea. The researchers calculated the Pearson’s rho between the wine evaluation ratings and on-premise prices based on country, region, vintage, and type of wine. Based on the results of the study, the CI of wine ratings shows statistically the same association degree to price as wine guru Robert Parker’s score. This study can academically extend the research of CI’s application in the wine industry and provide strong support for a sustainable e-business model and pricing tactics in the wine industry.
Highlights
One might say that one of the representative Collective Intelligences is Wikipedia.Collective Intelligence (CI) [1] is defined as a shared or group intelligence that emerges from collective efforts, collaboration, and competition of many individuals and appears in consensus decision-making [2]
We explored the relationship between the wine quality evaluation and on-premise price using a correlation coefficient because of the opposite arguments between two variables regarding time lag
The researchers of this study aimed to explore the difference in correlation between on-premise price and wine quality ratings from online wine quality evaluation-providing sources: wine Collective Intelligence (CI) platforms vs. an individual wine professional, Robert Parker
Summary
Collective Intelligence (CI) [1] is defined as a shared or group intelligence that emerges from collective efforts, collaboration, and competition of many individuals and appears in consensus decision-making [2]. According to the definition of CI, we can describe so many CI platforms around us, from offline decision-making methods, such as the traditional Delphi method, to online platforms, such as Procter + Gamble’s Connect and Develop, Salesforce.com’s IdeaStorm, Netflix’s contest, and open-source software. These examples show that CI has been utilized in various industries such as IT, stock market, mass communication, etc.
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