Untalented but Successful

When studying the problem of the emergence of superstars, scholars face great difficulties in measuring talent, obtaining confidential data on earnings, and finding econometric techniques that lead to results that are robust to the presence of outliers (superstars). In this paper we use an original dataset from the Pokemon trading card game in which (i) there is no unidentifiable heterogeneity and (ii) all characteristics of individuals are public domain. To prevent the results to be distored by the presence of outliers, we estimate the «fair» price of each individual, using the robust «Least Trimmed of Squares» regression technique in a hedonic prices framework, and check the effective price at which they are sold. This allows to identify superstars, i.e. individuals that are sold at a price which represents several times their intrinsec value. We find that the two main theories of superstars developed by Rosen (1981), who awards a central importance to talent, and by Adler (1985), who awards more importance to the need of consumers to share a common culture are complementary and not mutually exclusive as is often claimed.Superstars, robust estimation, hedonic prices, leisure games.

Natural endowments, production technologies, and the quality of wines in Bordeaux. Is it possible to produce wine on paved roads?

We study whether quality assessments made by wine experts and by consumers (based on prices obtained at auction between 1980 and 1992), can be explained by variables describing endowments (land characteristics, exposures of vineyards) and technologies (from grape varieties and picking, to bottled wines). However, since technological choices are likely to depend on endowments, the effects can only be identified using an instrumental variables approach. We show that technological choices affect quality much more than natural endowments, the effect of which is negligible.wine production, wine quality, Crop Production/Industries, Demand and Price Analysis, Environmental Economics and Policy,

Success: talent, intelligence or beauty ?

We analyze the Celebrity 100 annual list of the world’s most “powerful celebrities” compiled and published by Forbes Magazine. The lists provide an interesting collection of people, that includes their earnings, and the perception of citizens concerning the attributes that made them become celebrities. We analyze the relationship between their earnings and the perceptions on their intelligence, talent, beauty and other attributes, and show that though beauty plays a role, intelligence and talent are more important.earnings, economic success, talent

Suspicious Blood and Performance in the 2010 Tour de France

In this note, we analyze whether the International Cycling Union’s ‘index of suspicion’, which reflects the extent to which a rider is suspected of using doping, correlates with performance during the 2010 Tour de France Though our point estimates suggest a medium sized performance improving effect of being suspected of doping, the index of suspicion can only explain a very small part of the variation in performance. We also present some limited evidence that this could be due to the fact that doping has little effect on the outcome of the Tour de France.Doping, Cycling, Tour de France

Stars War in French Gastronomy: Prestige of Restaurants and Chefs’ Careers

In this paper, we analyze the careers from a sample of more than 1,000 top French chefs over more than twenty years and link it to the success or reputation of the restaurants where they have worked. This allows us to test what are the determinants of success but also to investigate the dynamics of performance and reputation, stressing the importance of the quality of apprenticeships, mentoring and entrepreneurship spirit. We find that the prestige of the restaurant where individuals work is on average declining along the career, and that the quality of apprenticeship is strongly related to the future success as chef. We also find that prices of restaurants with higher reputation are more sensitive to bad signals.reputation, careeers, gastronomy

Stars War in French Gastronomy: Prestige of Restaurants and Chefs’ Careers

In this paper, we analyze the careers from a sample of more than 1,000 top French chefs over more than twenty years and link it to the success or reputation of the restaurants where they have worked. This allows us to test what are the determinants of success but also to investigate the dynamics of performance and reputation, stressing the importance of the quality of apprenticeships, mentoring and entrepreneurship spirit. We find that the prestige of the restaurant where individuals work is on average declining along the career, and that the quality of apprenticeship is strongly related to the future success as chef. We also find that prices of restaurants with higher reputation are more sensitive to bad signals.No; keywords

Untalented but successful?:Rosen and Adler superstar Pokemons

When studying the reasons why and the conditions under which superstars emerge in some markets, scholars face difficulties in measuring talent, obtaining confidential data on earnings, and finding appropriate econometric techniques that cope with the presence of outliers (superstars). In this paper, we use a dataset from the Pokemon trading card game in which (i) there is no unidentifiable heterogeneity, (ii) rarity can be separated from talent, and (iii) objective earnings are observable through transaction prices. Using various parametric or semiparametric estimation techniques, we confirm that the relationship between talent and economic success is convex. On top of that, we document the existence of a different category of superstars with inferior talent and short-lived economic success.SCOPUS: ar.jinfo:eu-repo/semantics/publishe

EFFICIENCY IN BETTING MARKETS: EVIDENCE FROM ENGLISH FOOTBALL

We analyze the efficiency of English football betting markets between 2002 and 2006. We find evidence of a positive favourite-longshot bias for both home odds and away odds. Draw odds are instead characterized by a negative longshot bias. We also identify a draw bias in the sense that betting at draw odds yields a higher return than betting at home or away odds. Finally, we investigate betting strategies that exploit the variance of odds between bookmakers

Opinión experta y gastronomía. La receta para el éxito

Las opiniones de los expertos juegan un papel importante en el mercado gastronómico por las siguientes razones: la información es imperfecta y bastante costosa de adquirir; la calidad — en gran parte — es subjetiva y los consumidores necesitan que los expertos la definan. El número de manuales actualmente editados, su éxito (Michelín: 650,000 vendidos; CaultMillau: 200,000 vendidos) y el fuerte nivel de correlación generalmente obtenida entre los precios e índices o clasificaciones (0.63 en promedio) para esta clase de actividad ilu stran esta influencia. Sin expertos, la oferta y la demanda difícilmente concordarían. Por consiguiente, es relevante identificar los determinantes de estas evaluaciones de calidad y luego estimar su impacto respectivo.De acuerdo a los expertos, el arte de cocinar es el único determinante que ellos toman en cuenta cuando seleccionan y luego evalúan a los chefs. Para estos, el ambiente o entorno también aparece como un determinante y no el menos importante. ¿cuál es la mejor estrategia para llegar a ser un chef de "primer nivel"? ¿conseguiría Alain Ducasse, uno de los más famosos chefs franceses, el mismo nivel en un café al costado de la carretera como en un restaurante de lujo?Para responder estas interrogantes se estima una ecuación de calidad usando una base de datos original que concierne a 185 chefs franceses líderes, quienes han sido seleccionados en uno de los más famosos manuales franceses: CaultMillau (edición 2000). Los resultados muestran que hay dos estrategias para llegar a ser un "chef de primer nivel", pero que el arte de cocinar prevalece sobre el ambiente o entorno. Esto está de acuerdo con la observación de que algunos restaurantes gastronómicos tienden a invertir en forma excesiva en una ambientación lujosa. &nbsp

NATURAL ENDOWMENTS, PRODUCTION TECHNOLOGIES AND THE QUALITY OF WINES IN BORDEAUX. DOES TERROIR MATTER?*

We study whether quality assessments made by wine experts and by consumers (based on prices obtained at auction between 1980 and 1992) can be explained by variables describing endowments (land characteristics, exposures of vineyards) and technologies (from grape varieties and picking, to bottled wines). However, since technological choices are likely to depend on endowments, the effects can only be identified using an instrumental variables approach. We show that technological choices affect quality much more than natural endowments, the effect of which is negligible. Winemaking cannot be envisaged unless very specific weather conditions prevail. But this is obviously not sufficient, since winemaking also involves a complex technology that needs natural endowments which can hardly be modified (land, slopesÕ exposure, other endowments, summarised by what is often called ÔterroirÕ), inputs that take 20 to 30 years before producing good quality outputs (vines), manual operations (picking), mechanical operations (crushing, racking), chemical processes (during fermentation) and specific storage conditions once the wine is bottled. There is little that can be done to correct an error in one of the various and delicate steps which extend over several years for every vintage, though nowadays it is said that a good chemist can make miracles. Wine is also the subject of many legends and production secrets. Wine tasting adds to this aura of mystery with its esoteric vocabulary describing perfumes and the harmony of a wine. The influence of weather has been the subject of several studies, which consistently show that rain is needed during the winter season, while dry weather is good during the growing season and when grapes are picked. Warm weather has also a positive effect during the whole growing season