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What does an economist know about wine? Given that many wines need years to mature, how can one predict which ones will be great or not?
Princeton’s Orley Ashenfelter explains how he used economic principles and regression analysis to predict wine quality (and score great deals!). His research helped spawn an entire field dedicated to the economics of wine.
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This a fascinating Marginal Revolution clip - the economics of wine. What's not to like?
It looks at the application of economic principles to the market for Bordeaux, and starts from the principle that it takes time for the observed quality of the wine to be reflected in the price of the wine.
Absolutely fascinating for economists and wine-buffs. And economists who are wine buffs.