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Thanks to Habib Benzian for telling me about this study.
The main result: When price information was accurate, participants’ ratings were parallel to cost. When price information was missing or deceptive, pleasantness ratings did not differ.
Wine A is inexpensive; Wine B is more expensive and rated as medium quality; wine C is expensive and rated outstanding
Authors conclusions: .”Thus, pricing information differentially influences the consumer’s subjective experience of wine, with no effects on intensity of taste ratings and no effects on pleasantness ratings with correct or no price information, but increased pleasantness of low-price wine when provided with a deceptive higher price. Thus, in wine may lay the truth, but its subjective experience may also lie in the price.”