i would conjecture that many hands-on hobbyists prefer that route because they believe they can achieve "better" sound by selecting the parts themselves, rather than relying upon the designer's choices. i don't think it's purely an effort to save money.
the subjectivist notion applies also to other collectibles.
there are fads in all hobbys and although most audio components are depreciating assets, in contrast to paintings, and sculpture, for example, some components actually increase in value.
you are accurate in your analysis that most expensive audio components are price inelastic.
where the elasticity increases may be in the lower priced items, say in the $2000 to $5000 range, where the overall demand may be higher. it is in perhaps this range, or some other range where sales of products may be more price sensitive, than products say, in the range $10000 and up.
you are also accurate in your assessment that "expensive" audio gear is just another collectible for many who can afford it.
note, it is possible to design and build your own amplifier and spend thousands of dollars aon parts and labor, which could exceed the cost of another amplifier which may be suitable for one's needs.
the point is do it yourself may be motivated by quality of sound rather than economics, and that the diy hobbyist may be no different than the non diy audiophile.
the subjectivist notion applies also to other collectibles.
there are fads in all hobbys and although most audio components are depreciating assets, in contrast to paintings, and sculpture, for example, some components actually increase in value.
you are accurate in your analysis that most expensive audio components are price inelastic.
where the elasticity increases may be in the lower priced items, say in the $2000 to $5000 range, where the overall demand may be higher. it is in perhaps this range, or some other range where sales of products may be more price sensitive, than products say, in the range $10000 and up.
you are also accurate in your assessment that "expensive" audio gear is just another collectible for many who can afford it.
note, it is possible to design and build your own amplifier and spend thousands of dollars aon parts and labor, which could exceed the cost of another amplifier which may be suitable for one's needs.
the point is do it yourself may be motivated by quality of sound rather than economics, and that the diy hobbyist may be no different than the non diy audiophile.