Sent by Jonathan Stark on March 7th, 2018
How much Alice will pay for something is mainly a function of two things:
IF Alice wants a steering wheel for a ‘57 Thunderbird really bad, AND she has a ton of money, THEN she will pay lots of money for the steering wheel.
On the other hand, IF she doesn’t want a steering wheel for a ‘57 Thunderbird that bad, OR she doesn’t have a ton of money, THEN she won’t pay lots of money for the steering wheel.
In other words, BOTH factors have to be true to support a premium price:
She has to want it really bad AND she has to have a lot of money.
But there’s another factor that comes into play:
Availability of options.
If ‘57 Thunderbird steering wheels are available everywhere (aka “a dime a dozen”) then Alice is not going to have to pay a lot of money for one even if she wants it really bad and has tons of money because the sellers will undercut each other’s prices in a race to zero.
What have we learned?
To command extremely high prices you need to offer something unique that wealthy buyers want very badly.
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