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Source: Working Out Loud
Published: April 2017

The Value of Wine

Circulated: September 23, 2020

Years ago, you bought a case of good 2000 Bordeaux for $50 a bottle. It now sells at wine auctions for $125 a bottle.

You decide to drink a bottle with dinner. Which of the following best captures your feeling of the bottle’s cost to you?

  1. $0 — I already paid for it years ago.
  2. $50 — the amount I paid for it.
  3. $50+ — the money I paid plus the interest that would have been earned on it.
  4. $125 — the amount I could sell it for.
  5. $-75 — I saved money because now I get to drink a $125 bottle, but I only paid $50.

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