[0zer0]

This.

The full set of constraints (monopoly, durability, constant MC, timelessness) can hardly ever be fulfilled. So it is not falsifiable by empirical data.

But nobody has questioned the logic conjecture itself here, even the article doesn't try. It seems pretty plausible, doesn't it?

[tskj]

I agree it does seem pretty plausible as some kind of iterated / timeless theory divorced from reality, but especially the assumption that time is irrelevant to the buyer seems completely fanciful. I am usually all for theories that make idealized assumptions and think there's merit to approximations, but this is so egregious--there will never be any market or situation that is anywhere close; and the theory completely breaks down if the assumptions aren't utterly fulfilled. That makes it not even of academic interest, it's completely useless even as a theory.