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You are wrong with statement: "people willing to wait for something would almost always be willing to pay more to have it right away". It depends on the price
by woid 19y ago
You are wrong with statement: "people willing to wait for something would almost always be willing to pay more to have it right away".
It depends on the price of their time. If the price of their time is high, they would be willing to pay more. If the price of their time is zero, they will always stay in the line, because they have nothint better to do. Google for "opportunity cost" term.
- paulgb 19y agoI disagree. I initially wrote that sentence without the almost, because everyone must have a non-zero value of their time. However, I can't prove that statement, so I added almost in order to not get into a debate about a theoretical person who's time is worthless. I am not saying that everyone is willing to pay 5-40% more to go in a slightly faster line, but I bet if you go anywhere that a line is formed there is some nonzero price which everyone in the line would be willing to pay to skip to the front.. Even if it is measured in cents. Your right, it is about opportunity cost. And opportunity cost is rarely zero.