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Games at that time were cutting edge technology, distribution networks didn’t exist, physical units had to make it to stores, etc. The environment isn’t the same. Don’t get me wrong, I don’t think $80 is terribly outrageous in our modern economy but at that price point it has better provide 60+ hours of entertainment. If outer worlds 2 is as good as #1 it’s worth $40 tops. I played that game end to end and can’t recall a single characters name.
I agree about everything in your first point. I hadn’t previously considered that the novelty of a new technology would necessarily increase have disproportionately high initial cost.
That said, I feel like any calculation of cost against how many hours played is entirely subjective. Your suggestion of $0.75 / entertainment hour is quite different than what I consider ideal. Games will vary genre to genre, person to person, platform to platform.
A person with limited time might exclusively play shorter titles, or maybe just multiplayer titles. A person with significant free time might spent hundreds of hours replaying an RPG.
To be incredibly broad, I would say that games shouldn’t cost more per entertainment hour than half of what any given person earns at their job - but even that is quite subjective and should be taken with salt.