

 Wine Economics: They Always Buy the Ten Cent Wine  - nickb
http://wine-econ.org/2008/04/28/they-always-buy-the-ten-cent-wine.aspx

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felixc
I am becoming increasingly convinced that about 90% of human behavior can be
understood by a reading of "The Emperor's New Clothes."

That text should be mandatory reading in schools, both for young children and
adolescents, and followed up with critical discussion.

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steveplace
There's an American Association of Wine Economists?!?

...I need to go and get a second degree.

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augustus
I am a wine lover especially the red wine.

I try to go to the wine store with a wine list but what does one do when none
of the items are on the list. This is where one is in trouble.

I have sometimes bought expensive wine thinking it might be good but I have
been disappointed one too many times.

Price is a factor in determining quality only because there are too many
choices.

Nowadays I don't experiment that much I stick to about 2-3 of my perennial
favorites.

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pwk
"I try to go to the wine store with a wine list but what does one do when none
of the items are on the list."

A useful trick a friend taught me for buying non-US wines in the US is to pay
attention to the importer. For example, when buying a Spanish wine, looking
for Jorge Ordonez on the back label is often a big win.

~~~
augustus
I like to stick to US wines. Why pay foreigners when American wines are just
as good.

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holygoat
On the East Coast, it's often cheaper and more environmentally friendly to buy
imported French and Spanish wines rather than trucking them from CA. (I forget
the study, my apologies.)

On the other hand, if you're just being patriotic, go right ahead.

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augustus
I drive a foreign car because I think its better engineering and more
reliable.

When it comes to wine America makes some of the best wines so I would rather
explore them. I guess its being patriotic but its also very good wine .

I have tried some French Bordeaux but the best of the best are out of my price
range anyway.

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goodkarma
I've had great luck with < $10 bottles of wine - including the infamous $2.99
"Three Buck Chuck" Charles Shaw wine from Trader Joe's. :)

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maneesh
two buck chuck in california. The Shiraz won an international wine tasting
contest recently.
<http://www.npr.org/templates/story/story.php?storyId=1963794>

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goodkarma
It used to be "Two Buck Chuck" on the east coast, but then they raised the
price to $2.99 (=~ $3) - hence the "Three Buck Chuck". Is it still $1.99 in
California?

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tricky
we call it 30 dime wine for $2.99 in the midwest.

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time_management
It's doubtful that Giffen goods exist at all, but wine is a beautiful example
of a Veblen good; demand actually strengthens rather than recedes as the price
increases.

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vitaminj
A bit off-topic, but there was a study recently claiming Giffen behaviour in
China concerning rice staples. The classic textbook case of the Irish potato
famine was always difficult (if not impossible) to prove, but this is
apparently some evidence of the existence of Giffen goods.

Link: <http://ideas.repec.org/p/nbr/nberwo/13243.html>

~~~
kleevr
I can't quite place a trace, but some thing you said resounded a bit poetic.

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nazgulnarsil
how many more "white people are stupid" scientific studies will we be
subjected to?

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ibsulon
I think the whole Cristal phenomenon generalizes this to most Americans in
general.

