Fall is a popular time of year for Galas. People get dressed up in fancy clothes and meet at ballrooms venues to be served fancy food and asked to bid on an assortment of items. There are weekend getaway trips or theme baskets full of goodies, there are NBA basketball tickets or a signed jersey from a baseball star.
The bidding gets started before the presenters give the audience an update on the progress for the cause at hand. Participants watch their phones for updates on which items they are getting bumped off by a higher bid. But it is only the final minutes of the bidding that matter. That’s when you want to be the one to bump with a higher bid, right before the auction stops.
So you end up paying $20, $30, or $50 over face value for those Timberwolves tickets. What is the premium called? The face value of the tickets seems to be its use value- or what anyone would pay for the use of the ticket. But the surcharge, acheived in the ambiance of the evening could simply be a value, a social value for the cause at hand.
In this way it is easy to see the breakdown of exchange value, use value and value.
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