Did you know that you can use statistics to figure out auction prices of wine? I thought this was a joke, until reading an article entitled, Grape expectation: the price of wine that there really is a formula to predicting the quality of wine. Orley Ashenfelter, an economist at Princeton University and former editor of American Economic Review, discovered that people (may) no longer need the Robert Parkers of the wine world to tell them what wine vintage would be exceptional to drink.
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