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EvC Forum ⇒ Side Orders ⇒ Coffee House ⇒ Economics: How much is something worth? ⇒

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Author Topic:   Economics: How much is something worth?
Modulous
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Posts: 7801
From: Manchester, UK
Joined: 05-01-2005

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Message 21 of 330 (661019)
05-01-2012 12:39 PM 		Reply to: Message 1 by Percy
05-01-2012 7:12 AM

Driving economists crazy
So you go to a shop and see an ipod for 300. You know the same model can be bought from a shop 5-10 miles away for 200. What do you do?
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Go to the shop 5-10 miles away.
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Conclusion: It is well worth 100 to travel 5-10 miles to a different shop.
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So you go to a car dealer and see a Ford for 25,000. You do a search and find the same model in a show room across town for 24,900. Do you go to the other dealership?
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No.
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Conclusion: It is not worth 100 to travel 5-10 miles.
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Modulous
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Posts: 7801
From: Manchester, UK
Joined: 05-01-2005

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Message 23 of 330 (661025)
05-01-2012 12:57 PM 		Reply to: Message 22 by New Cat's Eye
05-01-2012 12:54 PM

Re: Driving economists crazy
Was it really worth 300 because you got tricked into paying that for it?
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As far as I can tell, it was worth 300 to the fraudster. How much an authentic looking fake is worth to you really depends on your ethics.
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Modulous
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Posts: 7801
From: Manchester, UK
Joined: 05-01-2005

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Message 31 of 330 (661043)
05-01-2012 2:55 PM 		Reply to: Message 28 by New Cat's Eye
05-01-2012 2:21 PM

Re: Driving economists crazy
So as long as people keep passing the buck by tricking people, a fake useless iPod would actually be worth 300?
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Worth 300 to whom?
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It was worth 300 to those that sold it for 300. Given what I know about it, and my own moral proclivities, it is worth basically nothing to me.
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At least, as far as I see how that particular theory of worth goes.
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