Old wines tale: Economists dispel myth second cheapest on restaurant wine list is biggest rip-off
By: Neil Vowles
Last updated: Monday, 3 May 2021
The urban myth that the second cheapest bottle on a restaurant wine list is a rip-off has been dispelled by economists at the London School of Economics (LSE) and The University of Sussex Business School.
The second-cheapest wine is widely thought to be significantly overpriced by restaurant owners to exploit naïve diners too embarrassed to choose the cheapest option.
But new research by Professor David de Meza and Dr Vikram Pathania finds that the mark-up on the second-cheapest wine is significantly below that on the four next most expensive wines on the list.