tag:blogger.com,1999:blog-21271644.post3957133308588912381..comments2023-11-02T07:13:53.064-07:00Comments on Beervana: Cost and ExperienceJeff Alworthhttp://www.blogger.com/profile/02930119177544342495noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-21271644.post-65631271005002647012009-09-05T07:27:12.137-07:002009-09-05T07:27:12.137-07:00http://www.wine-economics.org/journal/content/Volu...http://www.wine-economics.org/journal/content/Volume3/number1/Full%20Texts/01_wine%20economics_Robin%20Goldstein_vol%203_1.pdf<br /><br />"Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price<br />and overall rating is small and negative, suggesting that Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21271644.post-5756400280947727192009-09-04T10:40:02.163-07:002009-09-04T10:40:02.163-07:00As an economist I don't think this contrasts e...As an economist I don't think this contrasts economic theory. What I think is that in equilibrium, market price is generally equated with quality and thus consumers make the simplifying assumption that price is a good signal of quality. Interestingly, this should be more true in beer (where once you have tasted a Rogue Brutal Bitter, you pretty much know the quality) than in wine where the Patrick Emersonhttps://www.blogger.com/profile/17242234148546323374noreply@blogger.com