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.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F200ef20d-633e-4545-b82b-218797248937_640x850.jpeg)
Source: 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% responded $125
21% responded -$75
20% responded $0
17% responded $50
6% 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.
Want to discuss this fact? Share your opinion.
------------
Did you appreciate the fact today?