Thanks Jeremy Epstein for sending me this article:
They Always Buy the Ten-Cent Wine
snip:
A second study, just released by the American Association of Wine Economists, answers the question Do more expensive wines taste better?
The answer, based on a large sample of blind tastings, is that there is
no correlation between price and wine evaluation (or perhaps a modestly
negative one).
The answer, based on a large sample of blind tastings, is that there is
no correlation between price and wine evaluation (or perhaps a modestly
negative one).