Online Customer Reviews: Their Impact on Restaurants

Dr Jean-Philippe Weisskopf | October 5, 2018

By Dr Jean-Philippe Weisskopf and Philippe Masset Dining out, going for a movie, or enjoying a bottle of fine wine are all 'experience goods', that is, they have to be consumed or experienced in order for them to be assessed and evaluated. Online customer reviews are valuable as they allow potential consumers to get in-depth information from others for a relatively low cost and little effort. With one click, they can solve an information asymmetry problem in which service providers are better informed than customers. The internet allows customers to share their views and feedback cheaply and efficiently with a large audience. Why do con...