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Is the second-cheapest wine a rip-off?
journal contribution
posted on 2023-06-10, 00:20 authored by David de Meza, Vikram PathaniaThe second-cheapest bottle on a restaurant wine list is widely thought to be priced to exploit naïve diners embarrassed to choose the cheapest option. This paper investigates whether this behavioral theory holds empirically. We find that the mark-up on the second-cheapest wine is significantly below that on the four next most expensive wines. It is therefore an urban myth that the second-cheapest wine is an especially bad buy.
History
Publication status
- Published
File Version
- Accepted version
Journal
Economics LettersISSN
0165-1765Publisher
ElsevierExternal DOI
Volume
205Page range
1-3Article number
a109965Department affiliated with
- Economics Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2021-07-13First Open Access (FOA) Date
2022-12-19First Compliant Deposit (FCD) Date
2021-07-12Usage metrics
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