Daniel Lakeland on Nostr: [@FantasticalEconomics](https://geekdom.social/@FantasticalEconomics) Agreed, I think ...
[@FantasticalEconomics](https://geekdom.social/@FantasticalEconomics)
Agreed, I think willingness to pay is caused by value. But it's also caused by asymmetry of information, and scamminess. IMHO the best measure of value would be willingness to pay in a transparent world where all relevant facts are known by all parties. It's unobservable, but it's what we mean by value. As a Bayesian an unobservable doesn't bother me much.
[@jackofalltrades](https://mas.to/@jackofalltrades) [@droidboy](https://social.cologne/@droidboy)
Agreed, I think willingness to pay is caused by value. But it's also caused by asymmetry of information, and scamminess. IMHO the best measure of value would be willingness to pay in a transparent world where all relevant facts are known by all parties. It's unobservable, but it's what we mean by value. As a Bayesian an unobservable doesn't bother me much.
[@jackofalltrades](https://mas.to/@jackofalltrades) [@droidboy](https://social.cologne/@droidboy)