Value

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Value

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.

Cross-references

Fair Market Value.

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.

References in classic literature ?
On the contrary, up to 1897, the holders of stock in the Bell Companies had paid in four million, seven hundred thousand dollars more than the par value; and in the recent consolidation of Eastern companies, under the presidency of Union N.
One telephone by itself has no value. It is as useless as a reed cut out of an organ or a finger that is severed from a hand.
Melt it down, and return me its value in money, at once."
It has no value. Of cheap things it is the cheapest.
Why should I be parsimonious with this life which is cheap and without value? There are more sailors than there are ships on the sea for them, more workers than there are factories or machines for them.
"Do you know the only value life has is what life puts upon itself?
As soon as the points of value of the new sub-breed are once fully acknowledged, the principle, as I have called it, of unconscious selection will always tend,--perhaps more at one period than at another, as the breed rises or falls in fashion,--perhaps more in one district than in another, according to the state of civilisation of the inhabitants--slowly to add to the characteristic features of the breed, whatever they may be.
As soon as he enters a house (for they have no inns in this nation), the master informs his neighbours that he hath a guest; immediately they bring in bread and all kinds of provisions; and there is great care taken to provide enough, because, if the guest complains, the town is obliged to pay double the value of what they ought to have furnished.
Nothing was wanting to enable him to enter upon the immediate execution of this plan, but the death of Mr Allworthy; in calculating which he had employed much of his own algebra, besides purchasing every book extant that treats of the value of lives, reversions, &c.
For men will love you in other places to which you may go, and not in Athens only; there are friends of mine in Thessaly, if you like to go to them, who will value and protect you, and no Thessalian will give you any trouble.
SOCRATES: Let us consider the matter together, and do you either refute me if you can, and I will be convinced; or else cease, my dear friend, from repeating to me that I ought to escape against the wishes of the Athenians: for I highly value your attempts to persuade me to do so, but I may not be persuaded against my own better judgment.
The most reliable values are the anti-correlations between learning preferences.