ABSTRACT

Frederick says his stamps have rarity value, because a lot of other stamp collectors want them. But Sandra thinks this is no explanation. It reduces the value of things to just whatever someone is prepared to pay, and that may depend on what they imagine someone else would offer. If it was someone like her, she points out, who doesn’t like stamps but buys a set because she thinks it may be worth a lot, but is wrong, then what she pays isn’t what the stamp is worth to her, and isn’t what the stamp is worth to anyone else either!