There used to be a very simple test to see if you engine knocked (the reason for upping the octane). You would drive along at about 30mph and then floor the accelerator in 4th / 5th gear. With a low speed / high load if the engine was going to knock (or the clutch slip) that was when all would be revealed.
With automatic transmission and engine management units, that trick doesn't really work these days.
In short, if you fuel is a bit below par, then as the engine starts to knock, the sensor will hear the ping and tell the management system to retard the ignition. If that doesn't solve the problem, further retarding will take place.
This is good for two reasons - 1) in emergency it means your vehicle CAN run on lower octane fuel (or stale fuel) and 2) it prevents the knock causing damage to your engine.
It is BAD however because the moment your ignition starts to retard, your economy goes down, your power goes down and your fuel consumption goes up.
If a vehicle wants a higher octane to run without retarding the ignition it is a false economy to feed it lower octane fuel - because once the ignition has been retarded your economy will start to suffer.
If you can tell no difference in performance / economy when filling tank with different fuels, then go for it, usde the cheaper one - if it suffers, then switch back to the higher octane.
Mark