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The Economics of Business ValuationTowards a Value Functional Approach$
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Patrick Anderson

Print publication date: 2013

Print ISBN-13: 9780804758307

Published to Stanford Scholarship Online: September 2013

DOI: 10.11126/stanford/9780804758307.001.0001

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Theories of Value

Theories of Value

Chapter:
(p.14) 2 Theories of Value
Source:
The Economics of Business Valuation
Author(s):

Patrick L. Anderson

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804758307.003.0002

This chapter reviews the common definition of “market value” in Economics, and the practical use of the term in tax, accounting, and other fields. It then introduces ten different valuation theories. Among these are three different valuation principles derived from the Economics literature, three traditional methods of valuation, three from Mathematical Finance, and one novel principle that emerges from both Economics and Control Theory. Each of these is based on principles distinct from each other, in the sense that each fundamentally derives “value” from a different source.

Keywords:   value, Accounting, Finance, Control Theory, traditional valuation methods, Value Functional, Income method

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