Abstract
AbstractCompetition medals are one of the most readily available sources of expert opinion to wine consumers, yet the “expertise” of competition judges and efficacy of medals have been questioned in the literature. This paper reevaluates the relevance of gold medals using data from ten competitions and scores from two leading wine publications. The analysis begins by exploring differences in gold medal award rates across competitions while holding wine quality constant through paired comparisons, which are found to be substantial. Next, the relevance of gold medals as indicators of wine quality is assessed, using the average scores from Wine Enthusiast and Wine Spectator as surrogates for quality. By itself, knowledge that a wine is a gold medal winner appears to have little relevance, as these wines do not score significantly higher than other medal winners. However, evidence suggests that golds from some competitions may be more relevant than others. (JEL Classifications: L15, L66)
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