Exposition of a new theory on the measurement of risk

Value is Based on Utility, Not Price

The determination of the value of an item must not be based on its price, but rather on the utility it yields. The price of the item is dependent only on the thing itself and is equal for everyone; the utility, however, is dependent on the particular circumstances of the person making the estimate. Thus there is no…

Jan 13, 2012 1

• qualitative
• value