Pricier wines taste better, not in California says Eric Asimov

It is not limited to wine but according to a study by Antonio Rangel at
the California Institute of Technology, Pricier Wine Tastes Better.
Soon after listening to an interview with Mr. Rangel, I read Toehold in Napa: Some Starter Bottles by Eric Asimov (NY Times)
He tasted 25 Cabernet Sauvignon (2004 Vintage) priced $50 and under.

What I got first and foremost out of the piece is that most wines lacked individuality and that you pay more for location (real estate) than anything else.