Value seems to be pretty contextual. The relative value of a letter written by Leonardo Da Vinci and a used life preserver change in the middle of a flood. One can see this as intrinsic value asserting itself over perceived value. (In your example, the $5000 suit may find itself much more valuable than the $50,000 baubles if the city has been destroyed by a flood, it's very chilly, and the suit happens to be made out of wool.)
My sister has a saying: Unless someone is going to lose a life, or lose a limb, it's really no big deal!
Intrinsic value has its basis in our experience of living. It is based on biological needs and our psychological makeup as determined by the particulars of how our minds happen to work. All the other value is an elaboration on this.
Also note, that psychologically based needs are also highly contextual. There's also no clean demarcation between physical and psychological needs.
Personally, when I want to buy something, I always try to purchase the best available I can afford.
By afford, I mean something with credit I can pay off without worrying too much. This was mainly learned from my buy and sell routine with guitars. If I had just purchased that PRS right off the bat, I could have saved a lot of money :)
By best, I mean based on ratings and features important to me.
Sometimes trying to maximize is more trouble than it's worth. "Satisficing" is a good way to economize. Save your maximizing behavior (and thus your mental resources) for the choices that matter the most.
Value seems to be pretty contextual. The relative value of a letter written by Leonardo Da Vinci and a used life preserver change in the middle of a flood. One can see this as intrinsic value asserting itself over perceived value. (In your example, the $5000 suit may find itself much more valuable than the $50,000 baubles if the city has been destroyed by a flood, it's very chilly, and the suit happens to be made out of wool.)
My sister has a saying: Unless someone is going to lose a life, or lose a limb, it's really no big deal!
Intrinsic value has its basis in our experience of living. It is based on biological needs and our psychological makeup as determined by the particulars of how our minds happen to work. All the other value is an elaboration on this.
Also note, that psychologically based needs are also highly contextual. There's also no clean demarcation between physical and psychological needs.