We report results on an experiment with incentive-compatible valuations of old wines aging under suboptimal conditions. We confirm that subjects' risk aversion has a negative impact on "risky wine" valuations. However, accounting for individual self-reported and objective (WSET level) knowledge shows that the link between risk aversion and risky wine valuations is only present in the absence of knowledge. Conclusions about the value of knowledge for buyers and sellers have interesting entrepreneurial implications.
17 Novembre 2023