When buying wine, consumers often need to infer unobservable characteristics of the wines that are available. Product … scarcity in the store can signal that the quality of a wine is high, either because the product is deemed exclusive (when … specific wine increases consumer choice for this wine, and when it does not. Specifically, two experiments show that scarcity …

, search cost for quality information within a given store, and search cost for comparing across two competing electronic wine … stores. Consumers spent their own money purchasing wines from two competing electronic merchants selling some overlapping and … some unique wines. We show four primary empirical results. First, for differentiated products like wines, lowering the cost …

This is the story of the Princeton Wine Group, a group whose membership has been relatively constant for almost 40 … years. This group has enjoyed 244 blind tastings involving 1,708 different wines. A statistical analysis was performed at … each tasting examining whether participants ranked the quality of wines similarly and whether the preferences of the group …