I recently had to have my car repaired. A cylinder in the engine was misfiring, and the coil had to be replaced. The cost was pretty high.
And, as I shared the story with others, it became clear that we all place values on certain things in completely different ways. That's right folks, our utility curves don't match.
A few friends remarked that I could have had it done cheaper somewhere else. And while that may have been the case, the cost for me would have been too high.
I might have had to call around to many different places, I would probably have had to make an appointment, and the quality of the work may have been lower.
Because I have a relatively good job, I place a higher premium on my time than say a minimum wage worker. That is not to say that my time is fundamentally worth more than theirs; I'm just willing to spend a higher amount of money to save the same amount of time.
I'm also willing to spend more money to forgo inconvienences like talking on the phone, or going without a car for more than a day. And I have the luxury to be able to afford a higher quality mechanic than my brother's girfriend's cousin who kinda knows where all the pieces go.
And my own utility curves change from day to day. Had I not had plans that I really didn't want to cancel, I could have bit the calling bullet and did a little shopping around, and saving a little cash, but not having a car for a little while longer.
But I'm a spoiled girl who loathes stress and drama, so I handed over the cash and got my car back the next day. As a result, I got to eat a mediocre lunch and watch a mediocre movie, but the dinner and dessert was fantastic, and the company was even better.
Some real nice flattery there; thanks and likewise. But let's get one thing clear..."boringly macro"? Macro is so much more fun than that boring micro stuff.
Dude, macro is completely boring.
And why doesn't blogger tell me I have comments? Bastards.