There was a MOOC on Coursera called "Irrational Behaviour" and one of the stories there is about a locksmith who in the beginning of his career used to fix a door lock in more than an hour, with lots of effort and almost always destroying the door. His clients were happy to pay him the 70 dollars he charged for the operation and also tipped him most of the time. As time went by and his experience increased he got to…
> Conclusion: we don't want to pay related to the value we receive for a certain service, but to the amount of effort involved in the delivery of that service. But is that irrational? This seems to be a personal preference. By refusing to pay the same price for 10 minutes of work or one hour of work, we assert that we do believe in a certain income equality. "Disturbing someone for one hour vs 10 minutes" is not a ne…
Also, it's really more than 10 minutes of work, since the locksmith has to spend time driving to and from the customer. His fee needs to cover his travel time and expenses (gas, wear and tear on his truck, insurance, etc.). So $70 for a 10 minute house call doesn't seem unreasonable.