Shouldn't I pay for Install / Like / Offsite Click instead of Impressions?

If you decide to pay for Install / Like / Offsite Click (billing event) as you are going to pay ONLY if you actually get Installs (or the desired action), you usually pay more for each installation since you are granted to get installs if you pay, regardless the number of impressions it is going to take.
You pay a little more and Facebook takes all the risks (by giving the impressions to you, they are potentially losing money by not being paid by someone else).

If you pay for Impressions, is both parties that take the risk: you are going to pay for your impressions, even if you don't get your app installed, so Facebook is willing to sell top spots to a lower price to you since it will get money even if you don't get what you are looking for.

Long story short: if you pay for App Installs, you usually pay a bit more for Installs and you are usually required to bid higher. In exchange, you only pay when you get your results.

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