On wine-rating platforms, amateur ratings better explain the price differences of bottles than professional scores. JuanGarciaHinojosa/ShutterstockResearch in economics has unravelled the workings of the complex market for Bordeaux wines, in which perceived quality, historical reputation and critical reviews are intertwined.

David Glancy, Robert J. Kurtzman, and Lara LoewensteinWe use microdata on the phases of commercial construction projects to document three facts regarding the sector's time-to-plan lags: (1) plan times are long and highly variable, (2) nearly half of projects in planning are abandoned, and (3) property price appreciation reduces the likelihood of abandonment.

Leland D. Crane, Akhil Karra, and Paul E. SotoWe evaluate the ability of large language models (LLMs) to estimate historical macroeconomic variables and data release dates. We find that LLMs have precise knowledge of some recent statistics, but performance degrades as we go farther back in history.

Senate Majority Leader John Thune speaks with reporters about the reconciliation process to advance President Donald Trump's spending and tax bill on June 3, 2025. AP Photo/J. Scott ApplewhiteThe word “reconciliation” sounds benign, even harmonious.