Cognitive Biases in the Wine Industry, Part 3
This is the third article in a series that focuses, basically, on how our brains are wired in a way that misleads us to make poor business decisions. The first two articles can be found here and here. Though we humans have learned to gather and utilize facts, data, evidence and logic, we do so poorly for innate, biological reasons. Those of us in the wine industry are not exempted from this. If you are regular reader, you know that I am passionate about using facts, data,
Sideways 10 Years On: The Cost to Merlot Farmers Has Been More than $400M
In the last post, I shared a one-year projection for Napa Merlot prices. The model only worked when a variable was created to measure the effect of the movie Sideways on the price of Merlot. Years ago, a study was done to measure the effect that the movie had on retail Merlot prices. I thought I would take a crack at determining how much money that movie has cost Merlot farmers. This is not meant to be any sort of definitive study of the issue. I have no interns and this
