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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...
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indications of a positive, or at any rate non-negative, correlation. Our results are robust to the inclusion of individual fixed …
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because it is expensive or is appreciated by experts. (JEL Classification: L15, L66, M30, Q13) …
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