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As a person who believed in game hours:money spent ratio (20 hrs:$20), it now really annoys me when people think in that way. Sure it helps by lowering expectations but thinking purely in that way is just insane. Enjoyment should be factored into value.
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Really the formula should be (time*enjoyment)/cost.
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For me, at a given price point, a game must meet a minimum gameplay time. I think I'm generous with my preferred minimum gameplay times.
$60 games get dinged if they have less than 15 hours, though a superlative 10 hour game may squeak by.
$40 it's 8 hours.
At $20 it's around 4 hours. Anything under $20, and it just has to be enjoyable for more than an hour.
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Some people go by $1/hr. I used to be like that it and its a mind fuck.