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#19165

The value of something has to do with how much people are willing to pay for it.

Really, the perceived value has to do with how much people are willing to pay.  And the class of goods/services affects payment too.

The value of a car is that it carries you, and your stuff, from point A to point B.  A taxi can do that too.  So can a bus, or train.  Judging by our highways, lots of people prefer their own car since it will be there when they want it, and it will go where they want it to go.  But a low priced Chevy or Ford will fill that need.  Why are there so many BMW, Audi, Mercedes and Rolls Royces on the road?  Perceived value.  Both ride quality and “surpassing the Jones”.  Diamonds are an even more extreme example.  What is the real value of a diamond.  It reflects a little light and looks pretty.  Except industrial diamonds used as extremely hard bits for drills, most diamonds have no real value, they are just rocks.  The advertising industry has created perceived value out of thin air, and a movie or two.