There’s also the much more basic concept of time preference. Regardless of the monetary costs of preparing for and traveling to the concert, the concert experience is going to be more valuable to you if it is set to occur in 5 minutes rather than in, say, 3 months.
It’s perfectly understandable and rational to value your ticket more 5 minutes before the concert starts than 3 months before it starts, just like you’ll pay more for almost anything if you get it now versus if you get it far in the future.
Time preference is a pretty basic Econ 101 concept. It’s why you get charged interest on loans.
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There’s also the much more basic concept of time preference. Regardless of the monetary costs of preparing for and traveling to the concert, the concert experience is going to be more valuable to you if it is set to occur in 5 minutes rather than in, say, 3 months.
It’s perfectly understandable and rational to value your ticket more 5 minutes before the concert starts than 3 months before it starts, just like you’ll pay more for almost anything if you get it now versus if you get it far in the future.
Time preference is a pretty basic Econ 101 concept. It’s why you get charged interest on loans.