Markup
Thursday, July 17th, 2008There is a lesson here:
Abstract. 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 and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines slightly less. For individuals with wine training, however, we find indications of a positive relationship between price and enjoyment. Our results are robust to the inclusion of individual fixed effects, and are not driven by outliers: when omitting the top and bottom deciles of the price distribution, our qualitative results are strengthened, and the statistical significance is improved further. Our results indicate that both the prices of wines and wine recommendations by experts may be poor guides for non-expert wine consumers.recommendations by experts may be poor guides for non-expert wine consumers.
From: Do More Expensive Wines Taste Better? : Evidence from a Large Sample of Blind Tastings
You should pay me to buy your wine, scrap off the prices and replace them with tasty robust high price labels.
I read Seligman’s
AOL recently released a huge sample of search engine queries. In a highly questionable move they tied these queries to reasonably anonomous user identifiers; for example we know that user known as #724 searched for “how to install a glue down floor”, as well as “carbol tunnel” etc. He did 366 searchs between March 1st and May 5 2006.