Given the high price of wine and the enormous number of choices, a system in which industry experts comb through the forest of wines, judge them, and offer consumers the meaningful shortcut of medals and ratings makes sense. But what if the successive judgments of the same wine, by the same wine expert, vary so widely that the ratings and medals on which wines base their reputations are merely a powerful illusion? That is the conclusion reached in two recent papers in the Journal of Wine Economics.
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