It's a marketing expert's dream; if you want people to like your product more, charge a higher price.
Hilke Plassmann, et al, writing in PNAS, had test subjects undergo functional MRIs while they sipped wine. They were given 5 wines at 5 different prices.
Except there were only 3 wines. 2 were identical and just had different prices. People enjoyed the $90 wine more than they did when told the price was $10. Likewise a $5 wine was better when told it cost $45.
This was not a simple survey where they checked a box, the MRI results showed the subjects actually enjoyed the wine more when it had a higher price, including blood-oxygen-level-dependent activity in the medial orbitofrontal cortex, widely thought of as instrumental for experiencing pleasantness.
What does that part of the study mean in your life? Easy, just tell your wife you are Brad Pitt.
On the other hand, when not told any prices, the $5 wine was the most pleasant according to the results.
What does that part of the study mean in your life? It means that wine experts have no idea what they are talking about.
Hilke Plassmann, John O'Doherty, Baba Shiv, and Antonio Rangel, Marketing actions can modulate neural representations of experienced pleasantness, 10.1073/pnas.0706929105