why do people feel the need to buy expensive cable


I have tried expensive cables and one's moderately priced. I would say there were some differences but I can't actually say the expensive cables were better. IMHO I believe a lot of people buy expensive cables because they don't actual trust their ears and are afraid of making a mistake. They figure the expensive cables are better for the fact they cost more. If you have a difference of opinion or share the same thoughts, I would like to hear about it.
taters
dynaquest4
.... for products of like quality (durability, performance, appearance, etc), the one with the lowest cost represents the best value. Everybody understands that ...
No, everybody doesn't understand that, and not everyone accepts your definition of "value." It's certainly fine for you to adopt this as your personal definition of value, but it's a subjective assessment, and others will differ. 

Right, cleeds, I forgot to mention that there are consumers who  blindly (or is that double-blindly) use a product's price as a measure of the product's quality.  In which case, my equation would be invalid for them.
dynaquest4
... I forgot to mention that there are consumers who  blindly (or is that double-blindly) use a product's price as a measure of the product's quality.
Your definition of value: "products of like quality (durability, performance, appearance, etc), the one with the lowest cost represents the best value" is subjective and, frankly, simplistic. It omits other elements of a purchase that could be included in assessing value.

As Oscar Wilde opined, the definition of a cynic is one who knows the price of everything and the value of nothing.


cleeds....seems like you are just in a mood to argue.  I don't have the interest or time.  For almost all purchases, my equation is accurate.  End of my participation in this issue.
dynaquest4m
For almost all purchases, my equation is accurate.
Your equation is subjective. ["products of like quality (durability, performance, appearance, etc), the one with the lowest cost represents the best value" ] 

So naturally, some will agree with your equation, and some will not.