In abstract yes. In practice, the reasons you value it less than $5 and they value it more than $5 are not arbitrary, but based on factual concerns and real-world conditions.
Even if a crazy/fetishist/more-money-than-sense random person is OK to pay $20,000 for a bag of peanuts, the statistically important majority will not (and in fact, you'd be hard pressed to find even 1 such crazy person for such a thing).
So, yes, valuations vary, but not that much. In fact the reality is closer to products having an inherent value -- only it's not based on themselves, but on the conditions (e.g. a bottle of water is worth $1 now, $1000 in a dessert, $10,000 if Marilyn Monroe once drank from it, etc).
And while conditions change, they don't change that fast, or that much.
Even if a crazy/fetishist/more-money-than-sense random person is OK to pay $20,000 for a bag of peanuts, the statistically important majority will not (and in fact, you'd be hard pressed to find even 1 such crazy person for such a thing).
So, yes, valuations vary, but not that much. In fact the reality is closer to products having an inherent value -- only it's not based on themselves, but on the conditions (e.g. a bottle of water is worth $1 now, $1000 in a dessert, $10,000 if Marilyn Monroe once drank from it, etc).
And while conditions change, they don't change that fast, or that much.