influenced by newly appearing expert opinion. As the leading restaurant guide Zagat has rated New York City’s restaurants since …, Michelin-reviewed restaurant enjoy substantial returns only to service and décor improvement. Our results suggest that expert … opinion on the New York City restaurant market exerts a negative externality on gourmets by given restaurants incentive to …

product quality. We use data from three leading wine rating publications (Wine Advocate, Wine Enthusiast, and Wine Spectator …-certification is associated with a statistically significant increase in wine quality rating …