I don’t see this as any different to buying a house, a car or a loaf of bread. Every time we make a purchase, we make a deal with ourselves that we are happy with the cost/benefit ratio.
Everyone looks for value. Everybody’s bet is a ‘value’ bet in their opinion.
Mike
Everybodys bet isn’t a ‘Value’ bet.There are times we purchase something because we want to treat ourselves and ‘Value’ isn’t even considered.I could buy a cheap Black and decker drill for £40,I could buy a Makita drill for £150 or I could buy the best De-Walt drill for £200,every drill does what it says on the tin but the De-walt does it so much easier.The ‘Value’ drill is the Makita then! A tin of Lidl Beans are cheap and nasty,Sainsburys home brand are more expensive but taste better but Heinz are different class again and obviously you pay more for such luxury,the ‘value’ beans are the Sainsburys ones but I’ll stick to Heinz thanks,the same can be said for Horseracing,the Favs an even money chance the 2nd favs 4/1 and the 3rd favs 6/1,there’s no value in the even Money shot but he’s fav for a reason and thats because he’s the Class horse in the race.You ‘Value’ seekers wont touch the good thing because its just like going to the Ritz for afternoon tea and paying £50 per head,you cant justify the expense so you settle for 2nd best and search for a Value lunch in M+S.’Value’ on the High St is about being thrifty,you go out with £100 to spend and you want to get your monies worth and you come back with at least something,’Value’ seekers in horseracing go out with £100 and instead of sticking it on an Even money shot and coming back with something you stick it on a horse at bigger odds because you think its bigger value and come back with nothing because the Even money shot wins!
Where’s the ‘Value’ in a big priced Loser???
Where’s the ‘Value’ in a big priced Loser??? No, you’re confusing value with cost. Value is solely something that is perceived by the purchaser whether it’s a Lada or a Lamborghini.
I’ve just bought a Samsung Galaxy S4 mobile which cost me £350. Do I think that’s value? Yes, because it runs the apps I need, has a fantastic camera and is superb on the internet. By your reckoning, I should have purchased a cheapo Nokia for a tenner as it was ‘value’. However, as it would be completely useless for my needs, I perceive no value in it at £10 (or even at 50p to be honest!).
Value is
always, always
perceived by the individual. Many people would regard my new phone as a waste of money because it has no particular function for them. For me, I regard it as value.
Cost has absolutely nothing to do with how anyone perceives value.
Likewise with your example of tea at the Ritz versus M&S sandwiches. On the odd occasion, I would perceive plenty of ‘value’ of doing the former – the value is all in the treat, the experience, the desire to impress (!) etc etc. But most times, I would perceive more value in M&S. Again, you confuse the actual cost of something with the perceived value.
If you don’t consider you make a value judgement with your bets, just ask yourself if you’d take 6-4 about your 40-1 ante-post tilts.
Mike