September 24: The Value of Wine (Part 2 of 2)
When it comes to the value of wine, 64% of us behaved in a different way than what an economist would expect.
Source:Â Fact of the Day 1
Published: September 2020
The Value of Wine (Part 2)
Yesterday’s fact asked you to assign a value to a bottle of wine that increased in value to $125 since you purchased it 20 years ago for $50.
The results of 5,300 votes:
36%Â responded $125
21%Â responded -$75
20%Â responded $0
17%Â responded $50
6%Â responded $50+
This question was created by behavioral economists Daniel Kahneman, Amos Tversky, and Richard Thaler. The correct answer according to economic theory is $125, since the opportunity cost of drinking the wine is selling it at that price. 64% of us behaved in a different way than what an economist would expect.
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