– Would everyone who thinks they can appreciate the better things in life and who trusts their own brain, please raise your hands?
– Yes, fine. I see that’s most of you. Well, please go on and read this article – you may find it helps you over these impairments.
– And my friends laughed when I told them that sometimes I drank wine-in-a-box.
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In what will be music to the ears of marketers, the old adage that you get what you pay for really is true when it comes to that most ephemeral of products: bottled wine.
According to researchers at the Stanford Graduate School of Business and the California Institute of Technology, if a person is told he or she is tasting two different wines—and that one costs $5 and the other $45 when they are, in fact, the same wine—the part of the brain that experiences pleasure will become more active when the drinker thinks he or she is enjoying the more expensive vintage.
“What we document is that price is not just about inferences of quality, but it can actually affect real quality,” said Baba Shiv, a professor of marketing who co-authored a paper titled “Marketing Actions Can Modulate Neural Representations of Experienced Pleasantness,” published online Jan. 14 in the Proceedings of the National Academy of Sciences. “So, in essence, [price] is changing people’s experiences with a product and, therefore, the outcomes from consuming this product.”
– More (if you can stop laughing at yourself)… ➡