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Does a Price Tag Have a Taste? | Psychology Today

Submitted by JimV on Mon, 03/01/2010 - 6:00pm

Does a Price Tag Have a Taste? | Psychology Today

Source: www.psychologytoday.com

Some months back, while roaming Berlin's famous "Kaufhaus des Westens" - an over-glorified shopping mall - my friends and I had a little contest about who could find the most expensive bottle of wine within 2 two minutes. Although I don't remember who won - which means it probably wasn't me - I remember the winning wine costing more than a thousand Euros (which feels like 50 billion $US these days). A price tag like that makes me wonder: How big of a difference does quality in wine really make? Is there a real 985$ difference in taste between the 1000$ wine and a comparable 15$ wine?

I always thought some principle like this existed. How else would one explain a $500 purse?

Psychology

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