If consumers cannot tell the quality of a product when they buy it, it can drive high-quality products, like a good French wine, out of the market. Consumers would not pay a premium, and producers would have no incentive to make costly quality improvements. This widely held economic tenet, formalized in a famed article by Nobel Prize-winner George Akerlof, suggests that without standards, consumers could be left with mostly “lemons,” such as defective used cars.
Since COVID-19, socially distanced, virtual, and remote functioning has become the norm. Many people, businesses, and institutions have had to scramble to adapt to this new way of life. However, Wine.com has been unknowingly prepared since it was founded in 1998 with its expansive digital shop and focus on bringing wine and spirits right to the consumer’s door.
Looking for an easy A with a happy hour? Don’t enroll in the Department of Viticulture and Enology at the University of California-Davis.
“A lot of students come here thinking they’re going to get to taste a lot of wine,” says Andrew L. Waterhouse, director of the Robert Mondavi Institute of Wine and Food Science and professor of enology.