Value

How should we ascribe value to a particular item?

Value seems to be a very subjective thing. A thing's value in money is the amount that someone is willing to pay for it. So value depends on how badly each individual wants or needs that thing. For some things, like airline tickets or a room at a hotel, while the value may not seem to be all that different, the price that people pay can be all over the map. How late you book, the availability of a substitute, these affect the value, and therefore the price.

What drives me crazy is infomercials or commercials where the advertiser is selling a thing. And the price of the thing is $79. But wait there's more! Order now and we will include a carrying case and an extra bottle of stuff to go with your thing. A $49 value, yours free! I can only assume that the $49 is made up. If the case and bottle of stuff had a $49 value, that's how much they would make you pay for it. But the idea is that if you are considering buying the thing for $79, because you think it represents that value, and now you also get the case and bottle of stuff, for no extra charge, what a great bargain! The thing, the case and the bottle of stuff, with a value of $500, yours for $79. The value is $79, because that's how much it costs. But not really. If I don't want the thing, or at least don't want it bad enough, then the value is less than $79, because I'm not willing to pay that much for it. If I wanted the thing bad enough that I would have paid $500 for it, then $79 is a great value.

My kids are the same way. Kids will pay any amount of money for something that they want bad enough. My kid would pay $5 for a candy bar if the moment was right. I think that it is partly because they don't appreciate the value of money, but also because they are driven to get what they want as soon as possible. Of course, I might spend $50 bucks on an old coin with a face value of $0.25, so who am I to talk.

It seems like I am rambling, so to summarize: Value is subjective, and I hate those commercials.

Magic Phone

Do you ever wish you had access to an oracle of knowledge? That you could make decisions or predict the future? My friend has a phone that spins easily if laying flat on one side. We decided to turn it into a yes or no device. Decide which direction is yes, which is no, ask a question, spin the phone, and wait for the answer.

Should I order the burger, should I order the chicken.
Will I ever own a motorcycle.
Will I get a bonus this year.
Is it going to rain on Saturday.
Will I die before age 60.

The phone knows all. Just like the Magic Eight Ball on my desk. It would be nice if I could actually rely on the answers.

Instead we have to think, plan, and act. We have to trust in a higher plan, have faith.

I suppose in some ways its better that the phone doesn't know all the answers, but sometimes I think it would be easier.

Marathon

Congrats to my brother Jacob, for completing his first marathon on Saturday. Jacob ran the Salt Lake City Marathon in 4:21. I think this is awesome, and is something that I will never be able/willing to do. Also, when he told me that he set his goal based on his determination to beat Oprah's time, I swelled with pride and respect. Good job Bro!