Is Wine Bullshit?

[microrobert]

Is Wine Bullshit?

A Lafite Rothschild Bordeaux sells for a minimum of around $500 a bottle, while humble brands like Charles Shaw and Franzia sell for as little as $2. But as far as “wine economists” are concerned, the level of correlation between the price of a bottle of wine and its quality is low or nonexistent. In a number of damning studies, they suggest that wine is not just poorly priced, but that the different tastes we describe in wine may all be in our heads.

A 2008 paper in The Journal of Wine Economics, for example, found that when consumers are unaware of a wine’s price, they “on average enjoy more expensive wines slightly less [than cheap ones].” Experts do not fare much better. The study could not conclude that experts preferred more expensive wine: “In sum, we find a non-negative relationship between price and overall rating for experts. Due to the poor statistical significance of the price coefficient for experts, it remains an open question whether this coefficient is in fact positive.”

http://priceonomics.com/is-wine-bullshit/

[mr. logan]

Anybody would end up drinking from a box if there´s not any bottle around. :) Gravity rules.

[Roy]

Is Wine Bullshit?

A Lafite Rothschild Bordeaux sells for a minimum of around $500 a bottle, while humble brands like Charles Shaw and Franzia sell for as little as $2. But as far as “wine economists” are concerned, the level of correlation between the price of a bottle of wine and its quality is low or nonexistent. In a number of damning studies, they suggest that wine is not just poorly priced, but that the different tastes we describe in wine may all be in our heads.

A 2008 paper in The Journal of Wine Economics, for example, found that when consumers are unaware of a wine’s price, they “on average enjoy more expensive wines slightly less [than cheap ones].” Experts do not fare much better. The study could not conclude that experts preferred more expensive wine: “In sum, we find a non-negative relationship between price and overall rating for experts. Due to the poor statistical significance of the price coefficient for experts, it remains an open question whether this coefficient is in fact positive.”

http://priceonomics.com/is-wine-bullshit/

x 100. This is only psychological effect nothing more or less. I remember when my parents delivered some cheapest chease on a nice tray and our friends were convinced that this must be some fine dutch Maasdamer huh.