The main objective of this article is to estimate the causal effect of wine medals on producers' prices. Our data set combines information on transactions between wine producers and wholesale traders (these data are registered by a wine broker who acts as a middleman in this market), with records from eleven important wine competitions. Our identification strategy exploits a particularity in our data, namely that medals are not only awarded before transaction dates but sometimes also thereafter. Regressing price on dummies indicating past and future medals (plus controls) allows, under weak restrictions, to consistently estimate causal effects of medals by simply calculating differences in the two types of dummy estimates. In addition, the estimates of future medal coefficients can be interpreted as partial correlations between unobserved quality and medal indicators. Our preferred estimate indicates that producers having earned a medal at a competition can increase their price by 13%. The impact for gold is much larger than for silver and bronze, but we cannot reject that the correlation with quality is the same across the three colors. We then calculate expected profits obtained by producers from participating in competitions and find that the incentives to participate are high. Finally, we investigate the efficiency of contests by measuring to what extent attributed awards are good quality indicators: only a minority of competitions attribute medals that are significantly correlated with quality (primarily the ones founded a long time ago, and whose judges are required to evaluate relatively few wines per day).

中文翻译：

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奖牌对葡萄酒生产者价格的因果影响和参加比赛的收益

本文的主要目的是估计葡萄酒奖牌对生产者价格的因果影响。我们的数据集结合了葡萄酒生产商和批发商之间的交易信息（这些数据由作为该市场中间人的葡萄酒经纪人注册），以及来自 11 场重要葡萄酒比赛的记录。我们的识别策略利用了我们数据的特殊性，即奖牌不仅在交易日期之前颁发，有时也在交易日期之后颁发。对指示过去和未来奖牌（加上对照）的虚拟物的回归价格允许在弱限制下通过简单地计算两种类型的虚拟估计值的差异来一致地估计奖牌的因果效应。此外，未来奖牌系数的估计可以解释为未观察到的质量和奖牌指标之间的部分相关性。我们的首选估计表明，在比赛中获得奖牌的生产商可以将价格提高 13%。黄金的影响远大于银和青铜，但我们不能否认三种颜色与质量的相关性是相同的。然后我们计算生产者从参与竞争中获得的预期利润，发现参与的动机很高。最后，我们通过衡量奖励在多大程度上是优质指标来调查比赛的效率：只有少数比赛授予与质量显着相关的奖牌（主要是很久以前创立的奖牌，