Bloggingheads and the placebo effect
I taped this bloggingheads conversation with James Kwak last week, a good time was had I think by both of us.
James would like to draw your attention to the discussion of wine at the end; he says that enjoying expensive wine when you know intellectually that there’s no correlation between price and quality is a bit like getting a placebo effect from a drug when you know it’s a placebo. He’s right — and I’d be very interested in seeing any empirical data on the placebo effect under just those conditions. Has anybody done such a study?