Sometimes people say things and you think "man I should remember that". Sometimes you just think "man those are big words..." And sometimes both of those things unite to form a giant robot...
From Robin Goldstein at the Freakonomics blog:
The reason I’m in the [camp that believes wine should be priced from a supply-side/cost-plus perspective], and not the [camp that believes that wine should be priced from a demand-side perspective], is that I don’t subscribe to the neoclassical model of consumer rationality upon which the demand-side pricing theory is built, a counterfactual universe of stingily hypersensitive, quality-sniffing consumers. My sense is that, especially when it comes to hazy markets like wine, real human beings — within certain constraints — generally anchor themselves to market prices that are imposed upon them, and generally pay for things what they’re told those things are worth.