I. Introduction
As an experience good, the quality of a wine is only known after its consumption. In contrast to consumers, wine producers are informed about their products' quality. This information asymmetry has led to the emergence of wine experts providing information on wine quality. The contingent information market is particularly well-developed in the wine sectors where numerous experts coexist. The subjectivity of the wine quality assessment, the regional segmentations,Footnote 1 or their (supposed) preferences (Storchmann, Reference Storchmann2012) partly justify a large number of experts. Moreover, the grading systems and habits could differ from one expert to another. In particular, the European experts are used to rating wine on a 20-point scale whilst US experts use 100 points (e.g., Masset and Weisskopf, Reference Olkin, Lou, Stokes and Cao2015). The heterogeneity of the rating systems can increase the consumer's perceived uncertainty. The question of rating homogenization on the same scale of preferences is therefore at the heart of the uncertainty debate about wine quality.
The uncertainty about wine quality is particularly high during the en primeur campaign in the Bordeaux Region. The primeur market can be seen as a forward market dedicated to fine Bordeaux wines. The en primeur campaign takes place during the spring, starting with a huge multi-day tasting organized by the chateaux in the first week of April. Wine merchants, wine enthusiasts, and of course, wine experts are involved in this event. They all taste the wine from the latest harvest. Therefore, the wine is not yet vinified and the quality assessment is particularly difficult and uncertain. The aim of this campaign is to sell (chateaux) and buy (wine merchants)Footnote 2 before the wine is effectively released in bottles, which will happen about 18 months later. The prices and quantities exchanged are determined during the en primeur campaign and the wine will be delivered once it is bottled.
The economic stakes of the tasting are therefore extremely high because prices and quantities exchanged are influenced by the experts' scores. The wine economics literature has provided ample evidence of the link between en primeur wine prices and the experts' scores (see notably Hadj Ali and Nauges, Reference Ali and Nauges2007; Hadj Ali et al., 2008; Masset et al., Reference Masset, Weisskopf and Cossutta2015). Another strand of the literature deals with the information contained in the experts' grades (see for example Ashenfelter et al., Reference Ashenfelter, Ashmore and Lalonde1995; Ashenfelter, Reference Ashenfelter2008; or, more recently, Cardebat et al., Reference Cardebat, Figuet and Paroissien2014), the divergence between experts (notably Ashton, Reference Ashton2012, 2013; Hodgson, Reference Hodgson2008; Masset et al., Reference Masset, Weisskopf and Cossutta2015; Olkin et al., Reference Olkin, Lou, Stokes and Cao2015) or the randomness of the tastings (e.g., Ashton, Reference Ashton2014; Quandt, Reference Quandt2007; Bodington, Reference Bodington2015).
However, no paper has tried to express the experts' scores on the same scale of preference or in the same rating system before analyzing the grades divergence or bias or impact on prices. As noted by Masset et al. (2015, p.80) “Comparisons are difficult to make, as not all experts use the same scale to establish their scores”. Furthermore, as far as we know, there is no paper trying to provide a global score aggregating all the marks released by experts during the en primeur campaign, although a demand exists for such a global score from the professionals. However, if no academic papers exist, in the wine industry, most of the web merchants provide such aggregated scores (see, for example, wine decider or wine searcher). The website of Bertrand Leguern is also dedicated to the calculation of an aggregated score which is used by wine professionals. Nevertheless, we cannot find any information on the way these scores have been calculated. There is no transparency in their calculation, thereby reinforcing the information asymmetry instead of reducing it.
Wine professionals, particularly the negociants who buy en primeur wines, request aggregated and transparent information on wine quality rather than comparing numerous grades emanating from a variety of experts. This highlights the importance of reducing the information asymmetry and therefore increasing the en primeur market efficiency (Mahenc and Meunier, Reference Mahenc and Meunier2006). Given the pending retirement of the main expert, Robert Parker, harmonizing experts' scores appears particularly useful since Parker's disappearance will reinforce the uncertainty and the need for a reference score.
The aim of this paper is, therefore, to develop a methodology for calculating a single score aggregating the grades released by 15 experts who have traditionally been scoring Bordeaux en primeur wines since the beginning of the last decade. Based on a large database of Bordeaux en primeur expert scores, we suggest a methodology to translate the rating scale of one expert into the rating scale of another, thereby facilitating the comparability of all the experts' scores. The global score is then basically calculated as a simple arithmetic average of these transformed scores. This aggregated score has the potential to be considered as a new reference score on the fine wine market.
This study may be interesting to academics who may benefit from a methodology ensuring proper expert score comparisons by taking into account the different rating systems among experts. In addition, based on this methodology, we provide wine professionals with a unique standardized wine score aggregating the information coming from all experts operating on the en primeur market.
The remainder of this paper is structured as follows: the next sections present our dataset, while section III. displays the methodology of the standardized wine score; section IV. reports the standardized scores and discusses the results following different robustness checks; the last section concludes.
II. Data
Our dataset contains the scores given by 15 well-known wine expertsFootnote 3 during the en primeur campaign over the period from 2000 to 2014. All the wines rated by these experts are present in the dataset which represents 447 chateaux and 4333 chateau-vintage pairs; that is, on average, each chateau is rated 9.7 times over the observed period.
The first column in Table 1 shows the number of wines effectively rated by each expert. Rene Gabriel appears to be the most productive expert with 3,639 scores over the period. Similarly, five additional experts are highly active on the wine opinion market. They all have rated more than 2000 en primeur wines between 2000 and 2014. In contrast, the last four experts of this list exhibit a significantly weaker activity with fewer than 500 scores each. The following columns display the traditional descriptive statistics on the experts' scores. Among the 16 (15 + 1, see footnote 1) experts, seven use a 20-point grading scale, they are all European, and nine use a 100-point scale, they are overwhelmingly American. The Chinese J. Cho Lee and the British Tim Atkin are exceptions.
Table 1 Descriptive Statistics of Expert Score Data
Source: Authors' calculation based on Wine Services (2015) data.
The scores given by the experts seem relatively homogenous and average between 15.74 and 17.12 for the European raters and between 89.24 and 91.87 for the U.S. experts. Interestingly, we note that the Europeans have all awared a 20-point maximum grade at least once while only J. Suckling and Tim Atkin have handed out the maximum 100-point grade. The score range defined as the difference between the maximum and the minimum score for each expert lies between 14 and 29 for the US experts and 5.5 to 10 for the European experts.
We note two remarkable facts. First, all experts utilize only a fraction of their scale. In comparison, the fraction utilized by U.S. experts seems to be particularly small (20 points on average). However, in absolute values this exceeds the spectrum used by European experts (7.8 points on average), giving the former a potentially higher accuracy in their rating. Second, both U.S. and European raters exhibit significant differences in the way they rate the wines: there is no homogeneity among them concerning score range they use. Therefore, the direct comparison among experts' scores is fallacious, even if they use the same rating scale. Each expert has his/her own preference space and our aim is to express all scores in the same space of preferences.
The medians also offer interesting information as they can be interpreted as a threshold between good wines and less good/bad wines. 90 points (16.5) for the U.S. (European) experts appears to be the dividing line between these two catagories.
Table 2 presents the number of wines that have been tasted by each expert pair, i.e., by at least two experts. With 2698 wines rated both by Ren Gabriel and Wine Spectator, these two experts exhibit the highest overlap. On average, Robert Parker, Neal Martin, Jancis Robinson, Wine Spectator, Bettane & Desseauve, Jacques Dupont, La Revue du Vin de France, and Rene Gabriel have rated more than 1000 identical wines over the observed time period.
Table 2 Wine Pairings: Number of Identical Wines Tasted by Two Experts
Source: Authors' calculation based on Wine Services (2015) data. WS: Wine Spectator; RP: Robert Parker; JR: Jancis Robinson; JD: Jacques Dupont; BD: Bettane & Desseauve; NM: Neal Martin; D20: Decanter20; JS: James Suckling; D100: Decanter100; RVF: La Revue du Vin de France; JCL: Jeannie Cho Lee; AG: Antonio Galloni; JL: Jeff Leve; JMQ: Jean-Marc Quarin; TA: Tim Atkin; RG: Rene Gabriel.
Table 3 reports a systematic positive correlation between each expert pair; however, the average correlation among experts does not exceed 0.59. Jean-Marc Quarin and Jeffe Leve exhbit the highest correlation. Jancis Robinson and Antonio Galloni exhibit the lowest correlation and therefore the lowest agreement (concordance) with the other experts. In contrast, Jeff Leve and Decanter 20 display the highest correlation and therefore the best level of concordance with the other experts. In particular, these two experts' grades are strongly correlated with those by Robert Parker. The U.S. experts seem to have higher concordance among themselves compared to the European ones. These results are in line with the work of Masset and Weisskopf (2015), even if their results suggest a high level of concordance among various wine raters. In contrast, given an average correlation of 0.59 and a high volatility of the correlation coefficients, we do not deem the level of expert concordance particularly high.
Table 3 Expert Score Correlation Matrix
Source: Authors' calculation based on Wine Services (2015) data. WS: Wine Spectator; RP: Robert Parker; JR: Jancis Robinson; JD: Jacques Dupont; BD: Bettane & Desseauve; NM: Neal Martin; D20: Decanter20; JS: James Suckling; D100: Decanter100; RVF: La Revue du Vin de France; JCL: Jeannie Cho Lee; AG: Antonio Galloni; JL: Jeff Leve; JMQ: Jean-Marc Quarin; TA: Tim Atkin; RG: Rene Gabriel.
III. Methodology
Robert Parker and Jancis Robinson are influential experts, in the U.S. and in England, respectively, and best embody the issue of transforming the grading scales. While Robert Parker scores out of 100 points, Jancis Robinson scores out of 20 points. Our method addresses a common quality assessment problem. Imagine a comparison between two wines where the first is graded by both experts, but the second one is only rated by Robert Parker. The key issue how to properly utilize the information given by Jancis Robinson and translate them into Parker scores.
The naïve solution is the linear function by simply multiplying Jancis Robinson's scores by a factor of five. However, this solution is unsatisfactory, as it disregards the utilized score range of [12,20] for Robinson and [70,100] for Parker. In order to consider the minima of the intervals utilized by each expert, one can employ an affine function of the Robinson's scores from the interval [12,20] into the interval [70,100]Footnote 4 . The best way to judge the relevance of this transformation is to compare the respective distribution functions. Figure 1 displays the distribution functions of Jancis Robinson's scores after each transformation, compared to Robert Parker's score distribution function.
Figure 1 Distribution Functions for Each Transformation and Robert Parker's Score Distribution
The distribution of Jancis Robinson's transformed scores is closer to Robert Parker's distribution with the affine function. Still, one might argue that Jancis Robinson's transformed scores are still underrated compared to the grading system of Robert Parker. More than half of Robert Parker's scores are above 90/100, against only 8% for the Robinson's scores computed with the affine function. As a result, a 90/100 for Robert Parker is a much lower evaluation of quality than a 90/100 for Jancis Robinson with the affine function. A satisfactory transformation of the scores should both put the scores on the same scale and convey the same value to each score. Jancis Robinson's transformed scores should then follow the same distribution function as Robert Parker's scores. Such a function exists and is non-parametrically tractable.
The theoretical framework is the following. Posit that quality of Bordeaux wines is a random variable. The experts evaluate this quality along a scale of their choice, according to their preferences and to their utilization of their scales. Let F be the distribution function of Jancis Robinson's scores, and G be the distribution function of Robert Parker's scores. These functions express both experts' grading scales as well as their respective appreciation of Bordeaux wines. These differences in scales and in overall appreciation of Bordeaux wines tackle the comparison between grades given by two experts. The method controls for both issues at the same time.). Recall that our objective is to utilize Jancis Robinson scores and translate them into Parker scores, accounting for the fact that Jancis Robinson usually awards lower scores.
We apply the function G
−1° F in order to obtain the same distribution function for the Jancis Robinson transformed scores and Robert Parker raw scores. This uses the following classical property of probability distributions. Let F
X
and F
Y
be the distribution of the continuous random variables X and Y, then the random variable
$F_Y ^{ \,\,- 1} \,{\circ}\; F_X \left( X \right)$
has the same probability distribution as Y,
$F_Y ^{\,\, - 1} $
being the generalized inverse of F
Y
. To avoid any selection bias, the two empirical distributions are computed on a common sample, which contains all wines with a score from each of the two experts. For the chosen pair of experts, the sample includes 1,833 observations.
Let s ik be the score given by expert i to wine k, and I i be the list of the wines graded by expert i. The procedure is the following:
-
1) For each expert i, we compute the empirical distribution function
$${\hat F}_i \left( x \right) = \displaystyle{1 \over {card\left( {I_i} \right)}}\mathop \sum \limits_{k \in I_i} 1\left\{ {s_{ik} \le x} \right\}$$
-
2) For any chosen expert j (here we have chosen Parker), we compute the generalized inverse of
${\hat F}_i $
:
$${\hat F}_j ^{ - 1} \left( y \right) = \inf {\rm \{} x \in {\rm {\open R}\;} {\rm \vert}\, {\hat F}_j \left( x \right) \le y\} $$
-
3) The conversion function of the grades of expert i into the scale of expert j is given by:
$$\varphi _{ij} \left( x \right) = {\hat F}_j ^{ - 1} \left( {\,{\hat F}_i \left( x \right)} \right)$$
Figure 2 provides a graphical illustration of our method. As an example, we evaluate the image of a 15/20 from Jancis Robinson on the Robert Parker scale.Footnote 5 15/20 is the quantile of order 0.092 for Jancis Robinson's distribution function, which means that 9.2% of the Jancis Robinson scores are less than or equal to 15/20. On the Robert Parker distribution function, we read that this quantile is 86/100. We obtain that a 15/20 given by Jancis Robinson is worth a 86/100 given by Robert Parker. In the situation previously stated, this method allows the Jancis Robinson score to be turned into the Robert Parker scale. The average of the two scores is a synthetic indicator of all available information, and can be directly compared with Parker scores if Jancis Robinson scores are missing.
Figure 2 Original Method Using the Empirical Distribution Functions
Applying the same method for all existing scores from Jancis Robinson, we obtain a non-parametric function which ensures that the image scores have the same distribution as the Robert Parker scores. Figure 3 compares the plots of three functions, i.e., linear, affine and non-parametric.Footnote 6
Figure 3 Plot of Three Transformation Functions
The non-parametric function is irregular on the half-open interval [12,14]. In fact, this interval only concerns 5 observations and 0.4% of the distribution of the Jancis Robinson scores. It corresponds to the half-open interval [70,81.5] for Robert Parker. As a result, the confidence interval is wide below 14/20, so that our conversion is not significantly different from the affine conversion for low grades. However, for high scores, the non-parametric conversion yields significantly higher grades out of 100 than the affine one.
Besides, while the correlation coefficients are neither affected by the linear nor by the affine conversion, the non-parametric method slightly alters the coefficients between the experts. The coefficients computed after conversion are given in Annex 2. The change in the correlation coefficient provides a measure of the non-linearity of the non-parametric conversion. This is measured by the absolute difference between the coefficients before and after conversion in Appendix 2.
This method can also be applied for two experts who both score out of 100. Figure 4 plots the non-parametric function which turns Neal Martin scores into the Robert Parker scale. We find the same regularity issue below 85 points, but the function suggests that Robert Parker has been less reluctant than Neal Martin to grant scores above 95/100. For instance, a 97/100 by Neal Martin is as rare as a 98/100 by Robert Parker. Still, the non-parametric conversion does not represent much change compared to the identity function. Our method is more valuable for experts who do not grade on the same scale. All conversion curves are displayed in Appendix 1, along with the affine and the linear ones (which are only different for the experts who grade out of 20). For the latter in particular, the results of the non-parametric method are significantly different from the output of the affine conversion.
Figure 4 Conversion of Neal Martin Scores into Robert Parker Scale
IV. Example of Outcomes
Our conversion method facilitates various kinds of comparisons between scores, whether among winemakers, appellations or vintages. We hereafter provide an insight into the possible outcomes. While the general method allows the scores of any expert to be converted into any other expert's scale, we have chosen to convert all scores into the Robert Parker scale. Since he is commonly referred to as the most influential expert for Bordeaux wines (see notably Hadj Ali et al., Reference Ali, Lecocq and Visser2008; Masset et al., Reference Masset, Weisskopf and Cossutta2015), we assume that his scale is the most familiar for the reader.
Table 4 displays all available 2013 primeurs scores for a subsample of twenty Bordeaux properties. Columns 2 to 4 reports the average of the available scores transformed by the linear, the affine and the non-parametric function, respectively. Our non-parametric method yields the highest scores, as it transposes the scores on the scale of Robert Parker, used to giving high scores compared to his peers. Overall, the other experts mitigate the negative opinion of Robert Parker of the 2013 vintage, as the mean score is often above Robert Parker's grade.
Table 4 Raw primeur Scores for a Subsample of Vintage 2013 and Mean Scores Computed for the Three Methods
Source: Authors' calculation based on Wine Services (2015) data.
Notes: sd: standard deviation of the scores obtained from non-parametric method. RP: Robert Partker ; NM: Neal Martin; JR: Jancis Robinson; WS: Wine Spectator; AG: Antonio Galloni; BD: Bettane et Desseauve; D: Decanter; JD: Jacques Dupont; JS: James Suckling; JL: Jeffe Leve; RVF: Revue du Vin de France ; JMQ: Jean-Marc Quarin; RG: Rene Gabriel; TA: Tim Atkin.
The last column of Table 4 provides the standard deviation of the scores for each wine. As our method displays all scores on the same scale, it is now possible to compute the relevant standard deviation for each wine across experts. This provides a measure of judge concordance for each wine: the lower the deviation among the scores, the more reliable is the mean score. Château Clinet shows the highest level of agreement among the raters with a standard deviation of 1.2 while Château Le Gay shows the largest dispersion with a standard deviation of 2.64.
Another possible outcome is to facilitate the comparison between vintages for two experts. Table 5 displays the mean scores of vintages 2003 to 2013 for Robert Parker and Jancis Robinson with and without the transformation of Jancis Robinson's scores. Expressing the two assessments on one scale makes them comparable. Our transformation highlights that Jancis Robinson was much more lenient with the 2007 and 2013 vintages than Robert Parker, and that she apparently enjoyed vintage 2012.
Table 5 Mean Vintage Score for Robert Parker and Jancis Robinson with and without Transformation
Source: Authors' calculation based on Wine Services (2015) data.
Note: We lack Jancis Robinson primeurs scores for vintages 2000, 2001, 2002 and 2014.
V. Conclusion
This paper employs a simple methodology to express the scores of various wine experts on the same rating scale. It facilitates the comparability of the scores among experts and allows to calculate an average of all available wine scores.
Nevertheless, several issues still have to be addressed. Who has to be the expert of reference? Robert Parker seems to be the natural candidate but he has now retired and stopped tasting the Bordeaux en primeur in 2015. How to interpret the standard deviation in the cases where wines are not tasted by the same number of experts? Does a standard devation calculated on the basis of 2 scores provide the same information as a standard devation calculated on the basis of 15 scores in terms of consensus? Other questions will certainly have to be addressed and we hope that this paper will induce further research to improve our methodology.
Appendix 1 Conversion Functions into Parker's Scale
Appendix 2 Correlation Matrix after Conversion
