value

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Value

A measure of worth. Value is generally expressed in monetary terms. For example, the value of a house may be $100,000. Generally, the value of a product depreciates over time, though it sometimes appreciates instead (notably in real estate). How easily one can sell a product for its value helps determine how liquid the product is.

value

the money worth of a PRODUCT or ASSET. Value is measured in terms of the PRICE which buyers are prepared to pay for the product or asset. The amount which they are prepared to pay depends upon the benefits which they expect to derive from consuming or owning the item. See PRICE-QUALITY TRADEOFF, PSYCHOLOGICAL PRICING, VALUE CREATED MODEL, CONSUMER SURPLUS.

value

the money worth of an ASSET or PRODUCT. Early economists such as Adam SMITH and David RICARDO suggested that the value of an asset or product depended upon the amount of LABOUR needed to produce it, while later economists like William JEVONS emphasized that the UTILITY of a product to a consumer determined its value. Nowadays, economists accept that both supply and demand factors are important in determining the value of a product, by establishing a MARKET PRICE for it. See also CONSUMERS’ SURPLUS, VALUE ADDED, PARADOX OF VALUE.

value

The worth of all rights arising from ownership of property.

References in periodicals archive ?
This scenario, according to Levy and Schuck (1999), may be well applied to the valuation industry in cases where a valuer may have previously recommended a client purchase a property for a particular price and subsequently becoming committed to the recommendation to please their client.
To advise real estate investment clients and protect the public, the scope and perspective of the valuer must expand from market fundamentals to include the full spectrum of risks associated with the accelerating use of real estate as a product of world trade.
He said courses for certification as real estate agents in Cambodia will run 150 hours, while property valuers will require 180 hours of coursework.
New Delhi [India], Dec 28 ( ANI ): The Insolvency and Bankruptcy Board of India (IBBI) recognised two registered valuers organisations, said the Ministry of Corporate Affairs on Thursday.
In this respect, a valuer has to satisfy various obligations and responsibilities, which ensure an impartial implementation of duties.
Bankers were unhappy with inconsistencies in valuations and methodology, valuers complained that bankers don't know what they are talking about," Vermeulen said.
One of the key challenges to the valuer is the availability and reliability of the market data required by the valuer to benchmark or undertake the valuation-for example, for the US it is possible to quickly obtain details about transactions of real estate in the public domain that can be evidence when considering an appraisal.
The VCPE puts forth requirements for keeping records following the date of completion of the service, final disposition of a proceeding in which the valuer gave testimony as part of the service, and final disposition of a review of a service by a governmental licensing or credentialing body.
Heavy in statistical terminology, the valuer must run the data through several computations to arrive at retail markups.
He also worked within the RICS regulation department to develop and implement the worldwide Valuer Registration Scheme.
The District Valuer concluded that, if imposed, the council's policies on affordable housing and financial contributions would threaten the viability of the development.