What is the role of different concepts of quality in the fine-dining restaurant sector? We investigate how experts’, consumers’, and chefs’ views of quality interact in the Italian market, shedding light in the role of information on this market for complex-quality goods.
What makes a restaurant truly exceptional? Is it the chef’s skill, the ambiance, the quality of ingredients, or something more intangible? While food critics and customers often focus on taste and presentation, economists take a different perspective: what underlying forces drive restaurant success in a competitive market? In our recent study published in Kyklos, we explore the economics of fine dining, analyzing how factors such as reputation, pricing strategies, and customer perceptions shape the high-end restaurant industry.
The Role of Reputation and Expert Reviews
Consumers rely on expert opinions to guide their decisions in many industries (Cameron 1995; Ginsburgh & van Ours 2003), and the restaurant industry is no exception. High-end restaurants often depend on reviews from critics, Michelin stars, and inclusion in prestigious rankings to attract customers (Gergaud et al. 2007). Our study examines expert evaluations’ role in shaping demand within a Structural Equation Modeling (SEM) framework. We also consider customer evaluations (via online reviews), chefs’ self-assessments, and other key factors such as chefs’ human capital and talent, restaurant branding, and pricing. The research underscores that dining at an exclusive restaurant is not just about food—it’s an experience. Customers are not merely paying for a meal; they are paying for a memorable event, a sensory journey that justifies the premium cost.
Our findings tie into a broader economic concept: the experience economy. Today’s consumers seek unique, immersive experiences, and high-end restaurants meet this demand by crafting dining experiences that feel exclusive and personalized. This explains why storytelling—whether about the origin of ingredients, the chef’s philosophy, or the cultural influences behind a dish—has become an integral part of modern fine dining. Understanding the economics of fine dining offers valuable insights for restaurant owners and anyone interested in how markets work. Reputation, pricing, and the overall experience all contribute to a restaurant’s success, showing that economic principles play a crucial role even in a sector as creative as gastronomy (Angelini, Castellani & Vici 2024). As the restaurant industry evolves, emerging new trends such as sustainability, digital reservations, and personalized dining experiences will likely reshape the market. Yet at its core, fine dining remains a delicate balance between quality, perception, and economic strategy—an art as much as a business (Angelini & Castellani 2025).
The Challenge of Evaluating Fine Dining
Unlike fast food, where quality can be assessed quickly, fine dining involves details that are difficult to measure. The quality of a fine-dining dish depends on cooking techniques, ingredient selection, and artistic presentation, making it both a luxury and a cultural good. Customers often struggle to evaluate these aspects independently, relying on expert opinions from restaurant guides and critics. This creates a unique market dynamic where perception plays a crucial role in determining success. Our study examines the complex interplay of quality perception in fine dining, revealing how expert reviews influence customers’ choices and how top chefs perceive their work. We analyzed data from Italy’s top chefs and restaurants between 2011 and 2019 to explore these dynamics. Additionally, we conducted a direct survey of starred chefs to understand their self-assessment of skills, creativity, and recognition. Using a structural equation model, we examined key factors like culinary knowledge, innovation, reputation, and the impact of expert versus customer evaluations.
One key finding? Restaurant guides play a significant role in shaping public perception. Their reviews don’t just influence customer choices—they also affect pricing strategies and a restaurant’s overall market position. However, while customers rely on guides for recommendations, experts tend to focus more on evaluating the business and its operational aspects rather than the creative process behind each dish. The study also examined external factors influencing restaurant success, including meal prices, seating capacity, the tourists and residents living in the area, and even the chef’s age. The findings suggest that fine dining isn’t just about cooking—it’s about managing perception, reputation, and business strategy. High-end restaurants must balance exclusivity with accessibility, creativity with consistency, and culinary artistry with economic sustainability.
What This Means for the Future of Fine Dining
The research highlights a key challenge in the fine dining industry: balancing artistic creation with market expectations. While chefs see themselves as creative professionals, their work is often evaluated through a business perspective. This tension between culinary artistry and commercial viability is shaping the future of fine dining, pushing restaurants to innovate while adhering to the structured evaluations that influence customer decisions. For diners, the takeaway is clear: when you enjoy a fine dining experience, you’re not just tasting the food—you’re engaging with a carefully curated system of expertise, perception, and market dynamics. So the next time you book a table at a Michelin-starred restaurant, ask yourself: is it the chef’s artistry or the critics’ verdict that brought you here?
References
Angelini, F., Castellani, M., & Vici, L. (2024). Restaurant sector efficiency frontiers: a meta-analysis. Journal of Foodservice Business Research, 27(2), 138–156.
Angelini, F., and Castellani, M. (2025). Efficiency and Quality: An Empirical Analysis of Italian Fine Dining Restaurants. Journal of Foodservice Business Research. https://doi.org/10.1080/15378020.2025.2487947
Cameron, S. (1995). On the role of critics in the culture industry. J Cult Econ 19, 321–331
Gergaud, O., Guzman, L. M., and Verardi, V. (2007). Stardust Over Paris Gastronomic Restaurants. J Wine Econ 2 (1): 24–39
Ginsburgh, V.A., and van Ours, J.C. (2003). Expert Opinion and Compensation: Evidence from a Musical Competition. Am Econ Rev 93 (1): 289–296
About the article
https://onlinelibrary.wiley.com/doi/full/10.1111/kykl.12446
About the authors
Francesco Angelini is Adjunct Professor at the University of Bologna and at the University of Urbino and consultant
Massimiliano Castellani is Associate Professor in Economic Policy at the University of Bologna
Pierpaolo Pattitoni is Associate Professor in Finance at the University of Bologna
About the image
Photo by Courtney Boyd Myers via Michelin Starred! | Courtney Boyd Myers | Flickr (CC BY 2.0)
