Recent Blog Posts
-
The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
Links
- Felix Salmon

- DealBreaker

- Ryan Avent: The Bellows

- The Epicurean Dealmaker

- Chris Anderson

- Ultimi Barbarorum

- MarketBeat

- Michelle Leder

- John Quiggin

- The Panelist

- Andrew Leonard

- Streetsblog

- Brad Setser

- Michael Mandel

- Financial Crookery

- Kash Mansori

- Dean Baker

- Calculated Risk

- Free Exchange

- Curbed

- Lance Knobel

- Econospeak

- Carbon Tax Center

- Overcoming Bias

- Mark Thoma

- Naked Capitalism

- Alphaville

- Barry Ritholtz

- Alexander Campbell

- The Bayesian Heresy

- Brad DeLong

- DealBook

- Greg Mankiw

- Deal Journal

- FP Passport

- Carl Bialik

- Marginal Revolution

- A Fistful of Euros

- Dan Gross

Cheap Food and Expensive Wine
Frank Bruni is right, I think:
The same plate of pasta goes down a lot easier at $12 -- it even tastes better at $12 -- than it does at $16.
Why does food behave in the opposite manner to wine, in this respect? The same bottle of wine, we know, will taste better the more expensive it is. Yet while price reassures us in the case of wine, and even intimidates us into liking the bottle more, it seems to serve no such role in the case of food, where we're much more likely to consider a high price a sign of being ripped off.
Part of the answer, I think, is that almost everybody has wine insecurities. If we know that wine quality is inversely correlated with price, then why do we feel guilty bringing a cheap bottle of wine to a dinner party? Probably because if it turns out not to be very good, the "but it was quite expensive" defense is a reasonable one. When navigating a strange and scary and unfamiliar land - which is how most people feel when they enter a wine shop - one grasps at anything one knows, which means that people (a) buy brands they recognize, and (b) navigate by price, in the absence of any other means by which to narrow down the selection.
Very few people, by contrast, are insecure when it comes to food. They know what they like, and while they might well be willing to pay a lot of money for a great meal, they're generally even happier when they pay very little money for a great meal. What's more, if there's one big secular trend in the restaurant world, it's away from the three-star gourmet palaces of old, where you dressed for dinner and were served ostentatiously expensive food like Lobster Thermidor on fine china by obsequious waiters, and towards much more low-key shops which concentrate on the food more than the theater and which pride themselves on doing great things with formerly déclassé ingredients.
Interestingly, it's the grander, more high-theater holdouts which still tend to have the magnificent wine lists full of really expensive bottles. Maybe the more casual places know that without the accompanying palaver, a great wine won't seem quite as magnificent.






