Theories of Value
Theories of Value
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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