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1、THEJOURNALOFINDUSTRIALECONOMICS0022-1821VolumeLIIIMarch2005No.1THEINFLUENCEOFEXPERTREVIEWSONCONSUMERDEMANDFOREXPERIENCEGOODS:ACASESTUDYOFMOVIECRITICSDavidA.ReinsteinwandChristopherM.SnyderzAninherentprobleminmeasuringtheinfluenceofexpertreviewsonthedemandforexperiencegoodsisthatacorrelationbe
2、tweengoodreviewsandhighdemandmaybespurious,inducedbyanunderlyingcorrelationwithunobservablequalitysignals.Usingthetimingofthereviewsbytwopopularmoviecritics,SiskelandEbert,relativetoopeningweekendboxofficerevenue,weapplyadifference-in-differencesapproachtocircumventtheproblemofspuriouscorrelat
3、ion.Afterpurgingthespuriouscorrelation,themeasuredinfluenceeffectissmallerthoughstilldetectable.Positivereviewshaveaparticularlylargeinfluenceonthedemandfordramasandnarrowly-releasedmovies.I.INTRODUCTIONTHEREISANEXTENSIVETHEORETICALLITERATURE(see,forexample,Nelson[1970],HeyandMcKenna[1981],Wigg
4、insandLane[1983],andWolinsky[1995])onconsumerbehaviorinthepresenceofexperiencegoods,i.e.,goodsforwhichthequalityisuncertainpriortoconsumption.Therelatedempiricalliteraturehasstudiedtheimpactofinformationaboutaproduct’squalityonconsumerdemandfromavarietyofsourcesincludingadvertising(Ackerberg[
5、2003]),voluntaryormandatoryproductlabeling(TeislandRoe[1998],ForemanandShea[1999],Mathios[2000],JinandLeslie[2003]),sociallearningfrompeers(McFaddenandTrain[1996]),brandingWearegratefultoRogerEbertforhispromptandinsightfulrepliestoourquestionsregardingthereviewprocess;toDarleneChisholm,Maura
6、Doyle,RobertGoldfarb,JonathanGruber,GeorgeNorman,GityeshPandya,RobertPorter,S.AbrahamRavid,W.DavidWalls,AnthonyYezer,andseminarparticipantsatM.I.T.andthe2002AmericanEconomicAssociationWinterMeetingsforvaluablecomments;andtoGenevieveBrittainandNealToomeyforexcellentresearchassistance.Thepaperw
7、assubstantiallyimprovedfollowingthesuggestionsoftheeditorandtwoanonymousreferees.SomeofthisresearchwasconductedwhileSnyderwasonleaveattheGeorgeG.StiglerCenterforStudyofEconomyandStateattheUniversityofChicago,thesupportofwhichisgratefullyackno
