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JWE-Articles
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Journal of Wine Economics Volume 14 | 2019 | No. 3
»
Half-Blind Tasting: A Deception-Free Method for Sizing Placebo and Nocebo Responses to Price and Packaging Attributes

Short Papers

Half-Blind Tasting: A Deception-Free Method for Sizing Placebo and Nocebo Responses to Price and Packaging Attributes

Robin S. Goldstein
JEL Clasification: C91, D81, L66, M31, Q11
Pages: 321-331
Abstract

Information conveyed on the price tag or label of a consumable packaged good is widely thought to change the consumer’s sensory experience of consuming the good. Can the positive “placebo” effects of high prices and negative “nocebo” effects of low prices on consumer expe- rience be isolated and observed in a controlled experiment without using deception? In a pilot wine experiment using a method I call “half-blind tasting,” I observe that the nocebo response to a $5 price tag is stronger than the placebo response to a $50 price tag. To interpret these preliminary results, I borrow some insights from prospect theory.

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