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Re:Falsehoods Programmers Believe In by WalterBright on Thursday August 03, 2023 @05:28PM (#36992224)
It's value to you was $1.
Re:Falsehoods Programmers Believe In by coldtea on Thursday August 03, 2023 @07:00PM (#36993263)
Well, that's a worthless definition of value.
Re:Falsehoods Programmers Believe In by WalterBright on Thursday August 03, 2023 @07:59PM (#36993711)
There's no utility in saying something's value is $100 when nobody will give you $10 for it.
Re:Falsehoods Programmers Believe In by coldtea on Thursday August 03, 2023 @08:29PM (#36993917)
In the example plenty of people would give you $100 or even $10000 for the stamp. The person selling it and setting his price just didn't know it.
Re:Falsehoods Programmers Believe In by WalterBright on Thursday August 03, 2023 @10:08PM (#36994603)
It's value to you was still $1.
Re:Falsehoods Programmers Believe In by coldtea on Friday August 04, 2023 @03:52AM (#36996813)
You started the thread by asserting that "price is an indication of value" is correct.

I gave an counter example where someone ignorant of a thing's value (a guy who doesn't know they're selling an ultra rare stamp) sets it price to $1, wherea the market would gladly have paid 1000x times that.

You said, "It's value to you was $1".

When told it's not relevant, you said "there's no utility in saying something's value is $100 when nobody will give you $10 for it" which is about a different kind of value altogether.

While that's correct in itself, I pointed how that's not refuting my example, as my example covers exactly the reverse case: the situation where plenty would give you 10x or 1000x for what you sell at a price of $x. In other words, I gave an example where price is NOT an indication of value. That's what you had to refute.

You then backtracked to saying again: "It's value to you was $1".

In any case, value has specific meanings in economics, and neither of them is about "value to you [the seller]":

"Economic value is the measurement of the benefit derived from a good or service to an individual or a company. Economic value can also be the maximum price or amount of money that someone is willing to pay for a good or service. As a result, economic value can be higher than market value".

Re:Falsehoods Programmers Believe In by WalterBright on Friday August 04, 2023 @11:47AM (#37001618)
I.e. the value of something is different for different people.
Re:Falsehoods Programmers Believe In by xboxnolifes on Thursday August 03, 2023 @11:06PM (#36995031)
That's basically the definition of value.
Re:Falsehoods Programmers Believe In by coldtea on Friday August 04, 2023 @03:55AM (#36996841)
"Economic value is the measurement of the benefit derived from a good or service to an individual or a company. Economic value can also be the maximum price or amount of money that someone is willing to pay for a good or service. As a result, economic value can be higher than market value".

What price a seller sets for a product is based on neither of those cases.

It can be widely different from the actual market value the item could fetch (as per my example).

And it's also not the value the buyer gets ("the benefit derived from a good or service to an individual or a company"). Again in the example I gave this is many orders of magnitude bigger than the selling price.