A thing is worth what someone else would pay.

Prices are usually set by what the next person would pay.  In any transaction negotiation, there are 4 important numbers: buyer’s value, buyer’s next best offer (NBO), seller’s value, and seller’s NBO. The buyer’s or seller’s value is the benefit that each party receives from possessing a thing, measured in terms of money. This is… Continue reading A thing is worth what someone else would pay.

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