What is "value"

Value \Val"ue\, n. [OF. value, fr. valoir, p. p. valu, to be worth, fr. L. valere to be strong, to be worth. See Valiant.]

1. The property or aggregate properties of a thing by which it is rendered useful or desirable, or the degree of such property or sum of properties; worth; excellence; utility; importance.

   Ye are all physicians of no value.
   --Job xiii. 4.

   Ye are of more value than many sparrows.
   --Matt. x. 31.

   C[ae]sar is well acquainted with your virtue, And therefore sets this value on your life.
   --Addison.

   Before events shall have decided on the value of the measures.
   --Marshall.

2. (Trade & Polit. Econ.) Worth estimated by any standard of purchasing power, especially by the market price, or the amount of money agreed upon as an equivalent to the utility and cost of anything.

   An article may be possessed of the highest degree of utility, or power to minister to our wants and enjoyments, and may be universally made use of, without possessing exchangeable value.
   --M'Culloch.

   Value is the power to command commodities generally.
   --A. L. Chapin (Johnson's Cys.).

   Value is the generic term which expresses power in exchange.
   --F. A. Walker.

   His design was not to pay him the value of his pictures, because they were above any price.
   --Dryden.

   Note: In political economy, value is often distinguished as intrinsic and exchangeable. Intrinsic value is the same as utility or adaptation to satisfy the desires or wants of men. Exchangeable value is that in an article or product which disposes individuals to give for it some quantity of labor, or some other article or product obtainable by labor; as, pure air has an intrinsic value, but generally not an exchangeable value.

3. Precise signification; import; as, the value of a word; the value of a legal instrument
   --Mitford.

4. Esteem; regard.
   --Dryden.

   My relation to the person was so near, and my value for him so great
   --Bp. Burnet.

5. (Mus.) The relative length or duration of a tone or note, answering to quantity in prosody; thus, a quarter note [?] has the value of two eighth notes [?].

6. In an artistical composition, the character of any one part in its relation to other parts and to the whole; -- often used in the plural; as, the values are well given, or well maintained.

7. Valor. [Written also valew.] [Obs.]
   --Spenser.

8. 1. That property of a color by which it is distinguished as bright or dark; luminosity.

   2. Degree of lightness as conditioned by the presence of white or pale color, or their opposites.

9. (Math.) Any particular quantitative determination; as, a function's value for some special value of its argument.

10. [pl.] The valuable ingredients to be obtained by treatment from any mass or compound; specif., the precious metals contained in rock, gravel, or the like; as, the vein carries good values; the values on the hanging walls.

    Value received, a phrase usually employed in a bill of exchange or a promissory note, to denote that a consideration has been given for it.
    --Bouvier.

Value \Val"ue\, v. t. [imp. & p. p. Valued; p. pr. & vb. n. Valuing.]

1. To estimate the value, or worth, of; to rate at a certain price; to appraise; to reckon with respect to number, power, importance, etc.

   The mind doth value every moment.
   --Bacon.

   The queen is valued thirty thousand strong.
   --Shak.

   The king must take it ill, That he's so slightly valued in his messenger.
   --Shak.

   Neither of them valued their promises according to rules of honor or integrity.
   --Clarendon.

2. To rate highly; to have in high esteem; to hold in respect and estimation; to appreciate; to prize; as, to value one for his works or his virtues.

   Which of the dukes he values most.
   --Shak.

3. To raise to estimation; to cause to have value, either real or apparent; to enhance in value. [Obs.]

   Some value themselves to their country by jealousies of the crown.
   --Sir W. Temple.

4. To be worth; to be equal to in value. [Obs.]

   The peace between the French and us not values The cost that did conclude it.
   --Shak.

   Syn: To compute; rate; appraise; esteem; respect; regard; estimate; prize; appreciate.

c.1300, "price equal to the intrinsic worth of a thing;" late 14c., "degree to which something is useful or estimable," from Old French value "worth, price, moral worth; standing, reputation" (13c.), noun use of fem. past participle of valoir "be worth," from Latin valere "be strong, be well; be of value, be worth" (see valiant). The meaning "social principle" is attested from 1918, supposedly borrowed from the language of painting. Value judgment (1889) is a loan-translation of German Werturteil.

mid-15c., "estimate the value of," also "think highly of," probably from value (n.). Related: Valued, valuing.

n. The quality (positive or negative) that renders something desirable or valuable. vb. To estimate the value of; judge the worth of something.

1. n. a numerical quantity measured or assigned or computed; "the value assigned was 16 milliseconds"

2. the quality (positive or negative) that renders something desirable or valuable; "the Shakespearean Shylock is of dubious value in the modern world"

3. the amount (of money or goods or services) that is considered to be a fair equivalent for something else; "he tried to estimate the value of the produce at normal prices" [syn: economic value]

4. relative darkness or lightness of a color; "I establish the colors and principal values by organizing the painting into three values--dark, medium...and light"-Joe Hing Lowe

5. (music) the relative duration of a musical note [syn: time value, note value]

6. an ideal accepted by some individual or group; "he has old-fashioned values"

1. v. fix or determine the value of; assign a value to; "value the jewelry and art work in the estate"

2. hold dear; "I prize these old photographs" [syn: prize, treasure, appreciate]

3. regard highly; think much of; "I respect his judgement"; "We prize his creativity" [syn: respect, esteem, prize, prise] [ant: disrespect, disrespect]

4. place a value on; judge the worth of something; "I will have the family jewels appraised by a professional" [syn: measure, evaluate, valuate, assess, appraise]

5. estimate the value of; "How would you rate his chances to become President?"; "Gold was rated highly among the Romans" [syn: rate]

Value or values may refer to:

In semiotics, the value of a sign depends on its position and relations in the system of signification and upon the particular codes being used.

In poker, the strength of a hand (how likely it is to be the best according to the rules of the game being played) is often called its value; however, in the context of poker strategy the term is more often used to describe a betting tactic, a bet for value. This bet (or raise) is intended to increase the size of the pot, by inducing opponents to call. A bet for value is in contrast to a bluff or a protection bet (though some bets may have a combination of these motives).

For a bet for value to be correct, a player must have a positive expectation, that is, he will win more than one bet for every bet he puts in the pot. Note that pot odds do not matter in this situation, because the factor here is whether it is more profitable to raise or call, rather than to call or fold. Betting for value can apply to both made hand and drawing hand situations, although in the latter situation it is less often correct, as the drawing hand's chances of winning are generally lower. Many made hands will win the pot more than 50% of the time, therefore a value bet is usually correct, even heads up.

For example, in a game of Texas hold 'em, a player has 8♣ 6♠ with a flop of 9♥ 7♦ 2♣, The player has an open-ended straight draw and so has eight outs (four 10s and four 5s). With 47 unknown cards, the player will make the straight approximately one time for every five times he doesn't, thus a bet is profitable if six or more of his opponents will call the bet (he will win once (+6 bets) and lose five times (-5 bets) out of every six hands like this, resulting in an expectation of +1 bet). If he thinks that fewer than six opponents will call the bet, he would lose money and must simply call.

In computer science, a value is an expression which cannot be evaluated any further (a normal form). The members of a type are the values of that type. For example, the expression 1 + 2 is not a value as it can be reduced to the expression 3. This expression cannot be reduced any further (and is a member of the type Nat) and therefore is a value.

The "value of a variable" is given by the corresponding mapping in the environment. In languages with assignable variables it becomes necessary to distinguish between the r-value (or contents) and the l-value (or location) of a variable.

In declarative (high-level) languages, values have to be referentially transparent. This means that the resulting value is independent of the location in which a (sub-)expression needed to compute the value is stored. Only the contents of the location (the bits, whether they are 1 or 0) and their interpretation are significant.

In mathematics, value may refer to several, strongly related notions:

• The value of a variable or a constant is any number or other mathematical object assigned to it.
• The value of a mathematical expression is the result of the computation described by this expression when the variables and constants in it are replaced by some numbers.
• The value of a function is the number implied by the function as a result of a particular number being assigned to its argument (also called the variable of the function).

http://mathworld.wolfram.com/Value.html

For example, if the function f is defined by f(x) = 2x − 3x + 1, then, given the value 3 to the variable x yields the function value 10 (since indeed ). This is denoted f(3) = 10.

Economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"?

Note that economic value is not the same as market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "consumer surplus". It is easy to see situations where the actual value is considerably larger than the market price: purchase of drinking water is one example.

The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged. From this analysis came the concepts value in use and value in exchange.

Value is linked to price through the mechanism of exchange. When an economist observes an exchange, two important value functions are revealed: those of the buyer and seller. Just as the buyer reveals what he is willing to pay for a certain amount of a good, so too does the seller reveal what it costs him to give up the good.

Additional information about market value is obtained by the rate at which transactions occur, telling observers the extent to which the purchase of the good has value over time.

Said another way, value is how much a desired object or condition is worth relative to other objects or conditions. Economic values are expressed as "how much" of one desirable condition or commodity will, or would be given up in exchange for some other desired condition or commodity. Among the competing schools of economic theory there are differing metrics for value assessment and the metrics are the subject of a " Theory of Value." Value theories are a large part of the differences and disagreements between the various schools of economic theory.

In ethics, value denotes the degree of importance of some thing or action, with the aim of determining what actions are best to do or what way is best to live ( deontology), or to describe the significance of different actions ( axiology). It may be described as treating actions themselves as abstract objects, putting value to them. It deals with right conduct and good life, in the sense that a highly, or at least relatively highly, valuable action may be regarded as ethically "good" ( adjective sense), and an action of low, or at least relatively low, value may be regarded as "bad". What makes an action valuable may in turn depend on the ethic values of the objects it increases, decreases or alters. An object with "ethic value" may be termed an "ethic or philosophic good" ( noun sense).

Values can be defined as broad preferences concerning appropriate courses of action or outcomes. As such, values reflect a person's sense of right and wrong or what "ought" to be. "Equal rights for all", "Excellence deserves admiration", and "People should be treated with respect and dignity" are representative of values. Values tend to influence attitudes and behavior. Types of values include ethical/ moral values, doctrinal/ ideological (religious, political) values, social values, and aesthetic values. It is debated whether some values that are not clearly physiologically determined, such as altruism, are intrinsic, and whether some, such as acquisitiveness, should be classified as vices or virtues.

Value in marketing, also known as customer-perceived value, is the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others. Value may also be expressed as a straightforward relationship between perceived benefits and perceived costs: Value = .

The basic underlying concept of value in marketing is human needs. The basic human needs may include food, shelter, belonging, love, and self expression. Both culture and individual personality shape human needs in what is known as wants. When wants are backed by buying power, they become demands.

With a consumers wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction.

The four types of value include: functional value, monetary value, social value, and psychological value. The sources of value are not equally important to all consumers. How important a value is, depends on the consumer and the purchase. Values should always be defined through the "eyes" of the consumer.

Functional Value: This type of value is what an offer does, it's the solution an offer provides to the customer.

Monetary Value: This is where the function of the price paid is relative to an offerings perceived worth. This value invites a trade-off between other values and monetary costs.

Social Value: The extent to which owning a product or engaging in a service allows the consumer to connect with others.

Psychological Value: The extent to which a product allows consumers to express themselves or feel better.

For a firm to deliver value to its customers, they must consider what is known as the "total market offering." This includes the reputation of the organization, staff representation, product benefits, and technological characteristics as compared to competitors' market offerings and prices. Value can thus be defined as the relationship of a firm's market offerings to those of its competitors.

Value in marketing can be defined by both qualitative and quantitative measures. On the qualitative side, value is the perceived gain composed of individual's emotional, mental and physical condition plus various social, economic, cultural and environmental factors. On the quantitative side, value is the actual gain measured in terms of financial numbers, percentages, and dollars.

For an organization to deliver value, it has to improve its value : cost ratio. When an organization delivers high value at high price, the perceived value may be low. When it delivers high value at low price, the perceived value may be high. The key to deliver high perceived value is attaching value to each of the individuals or organizations—making them believe that what you are offering is beyond expectation—helping them to solve a problem, offering a solution, giving results, and making them happy.

Value changes based on time, place and people in relation to changing environmental factors. It is a creative energy exchange between people and organizations in our marketplace.

Very often managers conduct customer value analysis to reveal the company's strengths and weaknesses compared to other competitors. the steps of which are as followed.

• To identify the major attributes and benefits that customers value for choosing a product and vendor.
• Assessment of the quantitative importance of the different attributes and benefits.
• Assessment of the company's and competitors' performance on each attribute and benefits.
• Examining how customer in the particular segment rated company against major competitor on each attribute.
• Monitor customer perceived value over time.