For me it's simply how much enjoyment I think I'll get out of it.
For example, I would happily pay $100+ to see one of my favorite bands or artists in concert & that's for only 2 or so hours of entertainment. Yet, I wouldn't even pay $20 to go horse back riding for 10 hours.
Games are the same for me. Sometimes it's about length, while other factors are about how good it looks overall.
I will say that a game having multiplayer or co-op tends to help simply because of length. That's certainly not the only importance tho.
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