Exploring the Relationship between Reviews and Wine Prices

Student: Perevozkina Antonina

Supervisor: Evgeniy M. Ozhegov

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

This study considers the reciprocity between the prices of wine and its geographical, reputational and other characteristics. The general purpose of this project is to identify new factors that determine the price of wine. The dataset includes 118,088 observations the reviews of professional sommeliers and is analyzed by employing log-linear regression. Sentiment analysis was used to determine the emotional evaluation of wines in the sommelier's feedback. The coefficients are estimated in four ways: the least squares method, LASSO, ridge-regression and elastic net regression. The results obtained partially confirm the previous studies. A negative relationship between the prices of wine and emotional color reviews was revealed. The results of this study can be used for marketing campaigns, pricing by manufacturers and distributors.

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