Do expensive wines taste better?

You might like to take a look at the new American Association of Wine Economists' sixteenth working paper entitled Do more expensive wines taste better? Evidence from a large sample of blind tastings by Robin Goldstein, Johan Almenberg, Anna Dreber, Alexis Herschkowitsch and Jacob Katz.
 
Briefly, on the basis of more than 6,000 blind tastings of wines retailing at prices varying from $1.65 to $150 by more than 500 tasters, they established that most tasters actually preferred cheaper wines to more expensive ones – although so-called 'expert' tasters showed a small preference for the expensive stuff.

This is music to my ears in...