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: 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.

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