This week on Freakonomics Radio’s Marketplace segment, we ask a simple question about a simple product: wine. It’s the quintessential holiday party gift, but which one should you buy?
One would assume that wine, like most other products, follows basic price theory: you get what you pay for. But according to a growing body of wine economists, this is rarely true. Instead, wine prices are based on the expert opinions of a selected few. Host Stephen Dubner investigates whether the experts really know their wine, and to what degree their opinions affect your wallet and palate.
And what kind of wine will Kai Ryssdal buy for the Marketplace holiday party that he’s hosting this year? Will he listen to a wine expert like Robert Parker, or stoop to following the advice of an economist like Steve Levitt?