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<p>This paper contributes to the literature on the external validity of risk attitude elicitation tasks, providing evidence of the effects of risk aversion on uncertain quality wine valuations. Individual valuations are elicited for several old wines whose aging process may have not been optimal (“<i>risky wines</i>”). A buyer’s risk aversion, elicited through an independent lottery choice task, is shown to predict a lower valuation of a risky wine. However, the negative effect of risk aversion on risky wine valuations is shown to be mitigated by the potential buyers’ overall knowledge of wine (objectively measured through a certificate, rather than subjectively measured through a self-declared inventory) and their affinity (French buyer-French wine) with the product. Wine colour (red) and aging potential mentioned on the label, also decrease the effect of risk aversion on risky wine valuations. Product-specific features associated with lower levels of product riskiness also reduce the effect of risk attitudes on the valuation of products of unknown quality. That is, risk-reducing product traits and the buyer’s general and specific knowledge mitigate the effect of risk attitudes on risky wine valuations.</p>

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Uncertain quality valuations: when do risk attitudes matter?

  • 期刊论文

  • 发表日期：

    2026年7月10日

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  • Nikolaos Georgantzis,
  • Lara Agnoli,
  • Steve Charters,
  • Magalie Dubois,
  • Jean-Christian Tisserand,
  • Effrosyni Vasileiou

摘要

This paper contributes to the literature on the external validity of risk attitude elicitation tasks, providing evidence of the effects of risk aversion on uncertain quality wine valuations. Individual valuations are elicited for several old wines whose aging process may have not been optimal (“risky wines”). A buyer’s risk aversion, elicited through an independent lottery choice task, is shown to predict a lower valuation of a risky wine. However, the negative effect of risk aversion on risky wine valuations is shown to be mitigated by the potential buyers’ overall knowledge of wine (objectively measured through a certificate, rather than subjectively measured through a self-declared inventory) and their affinity (French buyer-French wine) with the product. Wine colour (red) and aging potential mentioned on the label, also decrease the effect of risk aversion on risky wine valuations. Product-specific features associated with lower levels of product riskiness also reduce the effect of risk attitudes on the valuation of products of unknown quality. That is, risk-reducing product traits and the buyer’s general and specific knowledge mitigate the effect of risk attitudes on risky wine valuations.