Red wine as a merit good
Recommend on Google+
The red wine provided by Leith’s of London at the Business Studies conference yesterday went down very well at the end of a long week. And travelling home on the train I enjoyed reading this piece in the Economist on the health benefits of a couple of glasses of a decent red! Perhaps we should add red wine to the list of perceived merit goods! Part of the pleasure and benefit comes from anticipating the consumption of a good bottle. And behavioural economists would no doubt tell us that the private benefit is increased simply by thinking the red wine is expensive even if it isn’t! (The power of the placebo applied to wine lovers!).
The American Association of Wine Economists might have something interesting to say about this! And there is a series of articles on wine economics in the latest version of the Economics Journal.
blog comments powered by Disqus
ECONOMICS TEACHER RESOURCE NEWSLETTER
Join over 6,000 other Economics Teachers in the UK and around the world who receive the tutor2u regular Economics Resource Email Newsletter. Get special offers, first news of latest resources, teaching ideas, conferences and workshops + loads of great ideas for teaching economics from our blog authors.
