Tuesday, February 23, 2010

Confirmation Bias in Wine Consumption

Not that this will come as a surprise.....


"While oenophiles may sincerely believe that they can suss out the difference between a $95 bottle and a $19 one, science indicates otherwise. What experiments show, in fact, is that the amount of pleasure contained in a bottle of wine follows the price tag — not the other way around.
Take, for instance, a recent experiment conducted by researchers at Caltech and Stanford, which looked directly at the relationship between the price of a bottle of wine and how much consumers enjoyed it. In the experiment, 20 volunteers were told they would be sampling five wines, priced at $5, $10, $35, $45, and $90 per bottle. Unsurprisingly, the participants consistently reported that they preferred the $90 bottle to the $5 bottle; they also reported that they preferred the $45 bottle to the $35 bottle.
But, there was a catch. The participants weren’t really tasting five wines; they were tasting three, with two of the wines being tasted twice, labeled at different prices. For example, Wine 2 was presented as the $90 wine and as the $10 wine. So how did that affect people’s enjoyment of the wine? As the “$90 wine,” they loved it; as the “$10 wine,” not so much.

What’s more, these levels of enjoyment were confirmed not just by people’s reports of how much they liked each wine, but inside a brain scanner. Higher ratings of how pleasurable a wine was matched up with greater activation in the medial orbitofrontal cortex, a part of the brain thought to encode for the pleasantness of an experience."

http://www.smartmoney.com/spending/deals/the-best-way-to-enjoy-wine-try-overpaying/?hpadref=1

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