Standby tickets are purchased as regular airfare. Travel or booking agents can reserve these flights for you at the last minute to board flights. Standby tickets are sold when the plane is not full.
Those traveling in small parties or solo may upgrade their pre-paid ticket to fly standby. Most airlines allow travelers to leave standby if the plane is going to the same destination.
The cost of standby airfare may be cheaper last minute. However, there is no guarantee that seats are available on flights as standby.