Subjective theory of value
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The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor necessary to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of his desired ends.
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See also
- Marginalism, the theory of marginal value
- Intrinsic theory of value
- Labour theory of value
- Power theory of value
- Behavioral economics
- Expected utility hypothesis
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