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What would an economist do?

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.

11 Comments

  1. 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.

    …unless you derive pleasure from the act of bargain-hunting.

  2. An economist concerned about the current economic crisis would tell you that it’s better for economy for you to spend immediately and to spend more.

  3. A well-informed economist would wonder if Amazon’s 30-day price difference refund applies to the MP3 store.

  4. And now somebody’s going to build a Farecast-style site for buying digital media. Genius! 🙂

  5. Torrent it now, buy it later.

  6. Patience is a virtue.

    Your time is only wasted if you write blog posts about whether you should buy it now or not instead of doing something productive instead. 🙂

  7. Matt, I believe Amazon no longer offers the 30-day price drop refund. “Only orders placed before September 1, 2008 are eligible for a price difference refund under the Post-Order Price Guarantee policy. As of September 1, 2008 we are no longer offering discounts if prices change on our website after you make a purchase.”

  8. I think you should call in to Suse Orman’s “Can I Afford” it segment and see if she approves you for the higher price! Maybe you can afford to buy now.

  9. You are the second person in my close-in sphere of influence to mention Neko Case and I listened to an All Songs Considered podcast this morning that featured a song off her new album. (I have been ignorant of her heretofore.) I liked it.

    Which album or albums do you recommend as an introduction?

  10. An economist might follow the price history of the album at chintzee.com. They even have graphs, don’t economists love graphs?

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