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 … wineries in the German wine-growing regions of Rheingau and Rheinhessen. Our results show that the two classification systems …

social process because product quality is highly uncertain. The wine market is an extraordinary example because most … by the sensual qualities of the wine. Instead, we explain variations in valuation by social processes in which quality is … empirical analysis of the German wine field. It shows that his model of the structure of fields has considerable power in …