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The estimated or appraised worth of any object or property, calculated in money.

The word value has many meanings and may be used in different senses. Because value is usually a relative term, its true meaning must be determined by the context in which it appears.

Value sometimes expresses the inherent usefulness of an object and sometimes the power of purchasing other goods with it. The first is called value in use, the latter value in exchange. Value in use is the utility of an object in satisfying, directly or indirectly, the needs or desires of human beings. Value in exchange is the amount of commodities, commonly represented by money, for which a thing can be exchanged in an open market. This concept is usually referred to as market value.

Courts have frequently used the word value without any clear indication of whether it referred to value in use or market value. Generally, however, the courts and parties in civil actions are concerned with market value. Though courts may refer to salable value, actual value, fair value, reasonable value, and cash value, these terms are synonymous with market value.

Value is also employed in various phrases in business and commercial usage. The phrase actual cash value is used in insurance to signify the cost of purchasing new replacement property less normal depreciation, though it may also be determined by the current market value of similar property or by the cost of replacing or repairing the property. Cash surrender value is used in life insurance to refer to the amount that the insurer will pay the policyholder if the policy is canceled before the death of the insured.

Book value is the value at which the assets of a business are carried on the company's books. The book value of a fixed asset is arrived at by subtracting accumulated depreciation from the cost of the asset. Book value may also refer to the net worth of a business, which is calculated by subtracting liabilities from assets. Liquidation value is the value of a business or an asset when it is sold other than in the ordinary course of business, as in the liquidation of a business.

In the Stock Market, par value is the nominal value of stock; it is calculated by dividing the total stated capital stock by the number of shares authorized. Stated value is the value of no par stock established by the corporation as constituting the capital of the corporation.


Fair Market Value.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

VALUE, common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange.
     2. Value differs from price. The latter is applied to live cattle and animals; in a declaration, therefore, for taking cattle, they ought to be said to be of such a price; and in a declaration for taking dead chattels or those which never had life, it ought to lay them to be of such a value. 2 Lilly's Ab. 620.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
(185) In other words, when individuals face a decision under uncertain conditions, they make an internal expected-value calculation for each possibility and then elect the option that maximizes their expected value. (186) Decisions involving uncertainty can be modeled using decision trees.
zones, the scope of the claim renders the claim's expected value to
When the estimate [[??].bar] is not integrable, this means, crudely speaking, that we do not know the expected value E[[[??].bar]], we only know the lower and upper bounds E[[[??].bar]] and E[[[??].bar]] for this mean value.
(24) the expected value model does not actually predict compliance well,
The proposed framework assumes the objective of maximizing a similar index that extends the expected value index to allow for ambiguity in accounting.
That is, the measured values [x.sub.i] and [x.sub.j] do not seem to have the same expected value and hence they are not mutually statistically consistent.
The expected value of the lottery to entrant i is represented by the vertical segment (a, b), and expected consumer surplus is equal to the area of the triangle ([phi] P(0), [phi]P*, c).
with the highest expected value, ignoring the variance of the policy.
In the case of convex functions, the expected value of the ratio is greater than the ratio of the expected value:
Even the most technophobic executives know they compete in a world where "no information technology" means "no business." Yet hugely expensive information technology (IT) projects that fail to come in on-time and on-budget, and fail to deliver expected value are commonplace in the IT world overall and among mortgage banking firms as well.
Therefore, if the task force multiplies the NPV for high functionality and high interoperability and the probability for high functionality and high interoperability, the expected value, or in this case, probability adjusted financial impact, can be determined.