Alex Mayyasi, writing for Priceonomics:
A Lafite Rothschild Bordeaux sells for a minimum of around $500 a bottle, while humble brands like Charles Shaw and Franzia sell for as little as $2. But as far as “wine economists” are concerned, the level of correlation between the price of a bottle of wine and its quality is low or nonexistent. In a number of damning studies, they suggest that wine is not just poorly priced, but that the different tastes we describe in wine may all be in our heads.
I previously linked to a study that Mayyasi references in which statistician Robert Hodgson found that wine judges were unable to consistently reproduce their own taste findings. In short, Mayyasi argues that the way in which we taste is so complex that it is easily manipulated.
Either way, I have been known to enjoy - without guilt - a good boxed wine.