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This was originally about trading. Entrepreneurs are not traders, and while in a perfect world they would have a similar set of concerns, but generally not in today's world. (see HFT)

What your model of perceived value isn't accounting for are speculators who are in a market with no real vested interest in the product. The correct amount of speculation within a market can round out extremes but there is a balance. Free markets generally find the best prices for most things and works well in the majority of situations.

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