People who are spending $2000 probably value their time more highly than people who are spending $10-20, ceteris paribus. It might be less expensive for the second buyer to cross the street. (Even if it’s the same person on a different day or in a different frame of mind.)
That’s exactly what doesn’t make sense; asking the same people whether they’d walk across the street to save money on X should depend on how much they value their time, not on how much they value X. It isn’t rational for there to be states of mind where buying more expensive things makes people value their time more when the rest of the environment is identical.
People who are spending $2000 probably value their time more highly than people who are spending $10-20, ceteris paribus. It might be less expensive for the second buyer to cross the street. (Even if it’s the same person on a different day or in a different frame of mind.)
That’s exactly what doesn’t make sense; asking the same people whether they’d walk across the street to save money on X should depend on how much they value their time, not on how much they value X. It isn’t rational for there to be states of mind where buying more expensive things makes people value their time more when the rest of the environment is identical.