THE MEASUREMENT OF VALUE

Abstract

The fundamental contemporary issue in the theory of value is the objectivity of values. Since the notion of value is basically quantitative this issue comes down to the question: are values measurable. Von Neumann and Morgenstern in their book Theory of Games and Economic Behavior have suggested an ingenious yardstick, namely the comparison of goods with probability combinations. They have demonstrated that such comparisons allow the construction of a numerical scale for values which is unique except for the choice of zero point and an arbitrary scale factor. This theory is discussed from a critical point of view.

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Document Details

Document Type
Technical Report
Publication Date
Nov 04, 1949
Accession Number
AD0605790

Entities

People

  • N. C. Dalkey

Organizations

  • RAND Corporation

Tags

DTIC Thesaurus Topics

  • Applied Mathematics
  • Construction
  • Game Theory
  • Interdisciplinary Science
  • Mathematics
  • Measurement
  • Probability

Fields of Study

  • Economics

Readers

  • Game Theory.
  • Systems Analysis and Design
  • Theoretical Analysis.