September 23: The Value of Wine (Part 1 of 2)
Which of the following best captures your feeling of the bottle’s cost to you?
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Source: Working Out Loud
Published: April 2017
The Value of Wine
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?
$0 — I already paid for it years ago.
$50 — the amount I paid for it.
$50+ — the money I paid plus the interest that would have been earned on it.
$125 — the amount I could sell it for.
$-75 — I saved money because now I get to drink a $125 bottle, but I only paid $50.
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