Another "Rarity" vs. Price discussion

[Deadman]

Shouldn't all games for a system of a certain rarity be roughly the same price? I know that supply and demand requires two parts: a set amount of supply (rarity) and demand (price) but I would think that they would be similar.

Going through the PSX guide, I looked at Rarity 5 and noticed huge differences between games - from $5 (Muppet Race Mania) to $35 (Bust a Groove). Is Bust-A-Groove THAT much superior and in that much more demand than Muppet Race Mania?

[Sweater Fish Deluxe]

I know that supply and demand requires two parts: a set amount of supply (rarity) and demand (price) but I would think that they would be similar.
Why would you think that?

If everyone who bought games for a system was a completist and wanted every single game, then I suppose you'd be able to factor out demand since it would be uniform across all games on a platform, then only rarity would matter. But obviously only a very tiny percentage of people buying video games is a completist. The vast majority only buy certain games that they like or are interested in, so demand varies quite a bit. The games any individual wants are not randomly chosen, either, they're picked based on reputation or name recognition so some games will naturally be more in demand than others.


...word is bondage...

[Kid Ice]

Is Bust-A-Groove THAT much superior and in that much more demand than Muppet Race Mania?

Yes.

And people would rather play Final Fantasy VII than Starfighter or Zoop.

[cyberfluxor]

I know that supply and demand requires two parts: a set amount of supply (rarity) and demand (price) but I would think that they would be similar.

The intersection of the supply and demand curves is a general market price. Demand would increase or decrease, causing the price to increase or decrease respectively. If suddenly a hidden stash were released the supply would go up and demand would fall due to satisfied purchasers, making a sharp downfall in price.

So really,
Supply = Rarity, games currently being sold
Demand = Gamers or collectors, wanting to buy the game currently

If 500 copies of Final Fantasy 7 were on eBay and only 200 people were currently wanting it and actively looking on eBay for the week, then quite a few people would get low bids and possibly great prices, although it may still be selling on average for $60 or whatever the next week when there are 10 copies and a new 200 people wanting it. Once you see 20 copies a week of FF VII and only a dozen people caring (mainly because everyone has finally played it or given up) then its price will plumit back to $9 or whatever.