The wine delusion
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price, flavour expectations of such flowery descriptions is nothing but a joke to the human<br />
capacity. Besides, nothing expresses approval like a Parker score of 90plus or a gold<br />
medal, both of which correlate to higher prices. In other words, it would mean logical for the<br />
besttasting <strong>wine</strong>s to pick up 90plus scores and medals. But to Goldstein, that’s far from<br />
the truth. Wine Spectator makes $1 million in application fees for its ‘Award of Excellence’<br />
every year. And Goldstein’s own stunt made it quite clear: money talks. To take it a step<br />
further, Goldstein (cited in Berdik, 2012), along with economists Craig Riddell and Orley<br />
Ashenfelter, compared Wine Spectatorstyle ratings to ‘Zagat’ ratings, which is done much<br />
the same way, except that it is awarded to restaurants for the best food menu. Results<br />
showed that for each point awarded, the price of a meal rose up to 48% (Berdik, 2012).<br />
Things take time<br />
Goldstein’s (2008) pricesignal study, which placed results onto a 100point ratings<br />
scale, found that pricier <strong>wine</strong>s averaged 7 points lower among everyday drinkers and 4<br />
points higher among experts. Which means, when people are freed of expectations, their<br />
preferences would differ from that of the experts. So it seems perfectly reasonable to<br />
assume that critics’ tastes may well have been corrupted. If people could pick <strong>wine</strong>s purely<br />
on blind tasting, would they still prefer expensive <strong>wine</strong>s? Goldstein has helped launch a<br />
<strong>wine</strong> research institute in California’s Napa Valley. Whose aim is to, by bringing together<br />
behavioural economists and <strong>wine</strong> enthusiasts, explore the gap between subjective quality<br />
and price in the <strong>wine</strong> industry. It seeks to compare the effects and relationship of a <strong>wine</strong>’s<br />
region, price, bottle type, sensory characteristics and preferences across people, experts<br />
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