Price perception and placebo effect

Can cheap wine taste great? Brain imaging and marketing placebo effects

When consumers taste cheap wine and rate it highly because they believe it is expensive, is it because prejudice has blinded them to the actual taste, or has prejudice actually changed their brain function, causing them to experience the cheap wine in the same physical way as the expensive wine? Research in the Journal of Marketing Research has shown that preconceived beliefs may create a placebo effect so strong that the actual chemistry of the brain changes. “Studies have shown that people enjoy identical products such as wine or chocolate more if they have a higher price tag,” write authors Hilke Plassmann (INSEAD) and Bernd Weber (University of Bonn). “However, almost no research has examined the neural and psychological processes required for such marketing placebo effects to occur.” ….[READ]

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