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You'll only pay $X for a good if it's worth at least $X to you, so in the absence of perfect price discrimination, that trade is also positive-sum: https://en.w
by evanpw 7y ago
You'll only pay $X for a good if it's worth at least $X to you, so in the absence of perfect price discrimination, that trade is also positive-sum: https://en.wikipedia.org/wiki/Economic_surplus#Consumer_surplus https://en.wikipedia.org/wiki/Economic_surplus#Consumer_surp...
- g_langenderfer 7y agoIn other words, if a banana costs $1 and I buy it, its value to me is at least $1
- sjg007 7y agoThat’s an illusion if you can’t use it directly to make more money. In the abstract sure it’s positive value but for this simulation or any simulation it doesn’t matter.