subjective theory of value
英[sʌbˈdʒektiv ˈθiəri ɔv ˈvælju]美[səbˈdʒɛktɪv ˈθiəri ʌv ˈvælju]
The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor required to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of their desired ends.Mises, Ludwig von.