Old News, very old news

This is one of those things, like the fact that TV commercials are louder than the programs, that we have always known, despite the fact that people whose income is involved tell us it's nonsense. Expensive wines are better than cheap wines because ...

.... because they're expensive.

Freakenomics Radio has the info. Here's my favorite quote:

One of these researchers is Robin Goldstein, whose paper detailing more than 6,000 blind tastings reaches the conclusion that “individuals who are unaware of the price do not derive more enjoyment from more expensive wine.”

Then there is the noted Princeton economist (and wine buff) Orley Ashenfelter quoted on the same site about expertise in general:

I mean, S&P, Moody’s, Fitch, these people all rated securities that apparently completely tanked. So there’s obviously something in the demand for expertise, the imprimatur, which is not really about the fact that they do a good job. By the way, those organizations are not transparent either, just as the Wine Spectator isn’t. So there’s some similarity here that I think probably gives us a little insight into things that are much broader than wine and food.

Which explains my contempt for most (not all) "consultants." It's something I learned when I worked for a big computer company.

But, practical use of this new found old news: Buy one really really expensive bottle of wine. Drink it. Preferably just you and perhaps one other. Then lay the bottle on your sideboard in full sight at your next wine party and serve the cheap but good Chilean wine you got at the grocery store.

In a decanter next to the empty bottle.

If my family contained anyone who actually liked good wine I would try it this holiday in that smelly old port city to our south.

Nota bene: Carmen makes objection to that last comment about the infamous port city. Just thought I'd let you know for the record.