Decanter, the self-proclaimed “world’s best wine magazine,” is “relaunching” its Buying Guide section in an attempt to make wine ratings more transparent and therefore useful to its global audience. You can read all about the new tasting panel protocols here.

Three Heads Better Than One

Instead of listing a single rating score for each wine, for example, Decanter will now provide the individual scores of three critics. I wasn’t sure if this would make much of a difference, but having read through the new issue, I am a fan. Let me take the big review of Rias Baixas Albariño as an example.

Having read the press release, I was expecting to see four numerical scores for each wine (one for each of the reviews, plus the average). What I found was a good deal more, however. Each of the three tasters (regional experts Ferran Centelles, John Radford and Jane Evans in this case) also provided individual tasting notes for the eight top wines plus summary assessments of the group of wines. (The wines were apparently spectacularly good – eight top scores out of 74 wines, and 25 designated as good value.)

Each of the tasters also provided notes for their “top three” recommended wines and John Radford wrote a brief essay to sum things up. Result: There is a lot of information here and a sense of a wine conversation rather than a monolithic judgment. Great new format.

Global Wine Drinkers Want to Know

For as long as I have been reading Decanter the wine ratings have had three components: a brief but useful tasting note, a numerical rating on a 20-point scale and finally an overall assessment of zero to five stars. Of these three, the tasting notes are the most useful for serious study, while the star system works well for me as a potential buyer. I’m not sure I can taste the difference between 15.5 and 16.0, but knowing what’s Good, Better and Best (my casual interpretation of three, four and five stars) is something I can use.

But Decanter’s scoring system has changed. Here’s a quote from the press release: "Perhaps the most significant new feature is the adoption of the 100-point score, to run alongside Decanter’s 20-point score, while the old five-star system has been dropped.

Introducing the 100-point system is essential as Decanter is now a global magazine, with more than half its readership outside the United Kingdom, editor Guy Woodward says in this month’s editorial. Readers can now "use whichever [scoring system] they are more familiar with."

Fair enough – although “essential” is pretty strong – but I’m going to miss the simplicity of the old five-star system and I’m not really sure that I need to have the 20-point British scale translated into a 100-point American equivalent. Converting Decanter scores into Wine Spectator-type figures and back again isn’t exactly rocket science (see the conversion table below). But I don’t see any harm in it, especially if, as the Decanter story suggests, the point is to help “global” readers who may be unfamiliar with the 20-point system to make sense of the ratings.

Follow the Money: A Modest Proposal

It’s good to step back and rethink things like this every so often, but maybe Decanter’s relaunch didn’t go far enough, so in the spirit of Jonathan Swift, I’d like to offer a “Modest Proposal” for future reform.

Here’s my idea: Instead of asking critics to score the wines on a quality scale, let’s ask them how much they are worth! How much should someone be willing to pay for this wine?

Wine reviews generally tell us a wine’s price and a score, but what we really want to know is if it’s worth it. That’s the question that a lot of shoppers want answered and the question they are often trying to figure out when they read critics' reviews. From a practical standpoint, don’t you think it would be more useful to translate scores into bucks rather than messing around with 20 points versus 100?

Yes, yes, I know there are lots of problems. A wine that tastes good enough to sell for $20 to you might taste like it’s worth only $12 to me. But that’s nothing new – differences in taste and the problem of what economists might call “interpersonal utility comparisons” are part and parcel of all wine-rating systems.

The Mitt Problem … Solved

Income distribution is a more difficult question, however. United States presidential candidate Mitt Romney has mega-bucks, so he might be willing to pay a lot more for a given bottle of wine than I would. That would mess up the ratings if he were a wine critic. But, hey, Mitt doesn’t drink wine, so … problem solved!

There would be lots of benefits to this new system. Easy to use – just compare the price score ($15) with the market price and you know if the wine is “worth it” or not. Under a set of ridiculously improbable theoretical assumptions that I won’t explain here because it would put you to sleep, the gap between price and critic-assigned value would be equivalent to the welfare economics concept of “consumer surplus” and so the scores would allow consumers to more efficiently maximize utility and achieve a Pareto Optimal resource allocation.

And while this doesn’t really work in theory, it is how many people behave in practice. How many times have you heard someone brag that their $10 wine tastes like it should cost $20? And although this is a silly thing to say, I believe many people really enjoy the benefit they think they have gained from that value-price gap. So the new system wouldn’t change that way of thinking – just improve it. We’d be drawing upon expert opinion for judgment rather than our own amateur assessments.

A Crazy Idea

Yes, I know this is crazy, but that’s the point. Jonathan Swift’s original 1729 modest proposal – that the rich should eat the children of starving Irish peasants – was also crazy, but the point was very sane. The cost of food (due to the high rents that landlords collected, according to the author) was already killing children in Swift’s day. As he said, the landlords had already “eaten” the parents through outrageous prices – might just as well go after the children next.

My wine-rating reform is crazy, too. You can’t use money to rate wine. Wine doesn’t taste like dollars – it tastes like wine! But, that’s my point. It doesn’t taste like dollars, but it doesn’t taste much like points, either, however useful consumers and producers might find the ratings to be. Hey, don’t get upset. It’s just a modest proposal!

Here’s the Decanter conversion table. Cheers.

*This article originally appeared on Mike Veseth's blog, The Wine Economist. Dr Veseth is the Robert G. Albertson Professor of International Political Economy at the University of Puget Sound, Washington, United States. He is also author of "Wine Wars: The Curse of the Blue Nun, the Miracle of Two Buck Chuck and the Revenge of the Terroirists" and will publish its sequel, "Extreme Wine," next year.