First, it depends a little bit on your taste bads and a lot on psychology. If you are told it is an expensive wine, studies have shown that you'll think it tastes better. If you take the 4-liter jug wine ($12.99) at my local liquor store that is very drinkable, I'd say around $3/liter per bottle can get you some perfectly respectable wine. I'm wondering if wine is the only commodity where price does not really matter. (Yes, I said it, price does not really matter!)
Wine Limbo
by Mike Steinberger
http://www.slate.com/id/2247584/
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