What's a Michelin Star Worth?

Quite a lot, according to a New York Times article, which summarized a number studies of the cost of meal in Paris. Apparently, getting a Michelin star from the famed review organization increases a restaurant's prices an average of percent. That has contributed to an inflationary spiral in fine Parisian dining that has seen prices increase by almost 217 percent, after inflation, since 1950. Meanwhile, prices in more prosaic eateries actually dropped in real terms over the same period.

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