01 May Question: Many people would neither sell Wine A nor
Question: Many people would neither sell Wine A nor buy Wine B. Explain why this pattern of choices is inconsistent with expected utility. What other considerations might be taken into account? Imagine that you collect bottles of wine as a hobby. You have just learned that one of the bottles (Wine A) that you purchased 5 years ago has appreciated considerably. A friend has offered to buy the bottle from you for $100. His offer is a fair price. A second bottle of wine (Wine B) is viewed by experts as being equivalent in value to Wine A. You never purchased a bottle of Wine B, but a casual acquaintance did. In conversation at a party, he offers to sell you his bottle of Wine B for $100.
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