When you take a sip of Cabernet, what are you tasting, the grape? The tannins? The oak barrel? Believe it or not, the most dominant flavor may be the dollars. Thanks to the work of some intrepid and wine-obsessed economists, we have a new understanding of the relationship between wine, critics, and consumers. Also, while eating at a restaurant, a customer one table away was served a salad with a dead mouse in it. So, how does a business respond in the face of such a disaster?
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Steven D. Levitt