I really want to buy the new Neko Case album, released last week, but I have a suspicion that Amazon.com is going to make it the deal of the day sometime soon. What would an economist tell me? On one hand, it’s only $7.99, and it would probably be on sale for $1.99 (or $3.99, the daily deal price for most new releases). On the other hand, if I buy it for full price and they put it on sale a few days later, I’ll feel a tinge of regret. On one hand I want it now, on the other, I have the whole rest of my life to listen to it either way.
I’m pretty sure that any economist would tell me that every minute I’ve spent trying to time the market for this album has been wasted.