Measuring the Nonmonetary Component of General Value for Goods and Services


Abstract views: 230 / PDF downloads: 181

Authors

  • Sergey K. Aityan Lincoln University
  • Alexey K. Ivanov-Schitz
  • Eugenia Logunova

Abstract

The recently introduced theory of general value addresses two distinct components of value: monetary and nonmonetary. The introduction of the nonmonetary component of value helps explain many types of decisions and choices, which were not clearly understood before, and helps with the strategic planning and actions. This paper introduces a methodology of measuring nonmonetary value of goods and services in the perception of people. The indifference point between two choices is used to measure the difference of nonmonetary components in terms of the difference of the monetary components with the opposite sign. This method was used to measure relative nonmonetary values (the difference of the monetary components) of various goods and services in the perception of different social groups.Keywords: value, nonmonetary, utility, preference, behavioral economics, decision-making, personal choiceClassifications: A130, D01, D03

Downloads

Download data is not yet available.

Downloads

Published

2017-06-29

How to Cite

Aityan, S. K., Ivanov-Schitz, A. K., & Logunova, E. (2017). Measuring the Nonmonetary Component of General Value for Goods and Services. International Journal of Economics and Financial Issues, 7(3), 69–81. Retrieved from https://www.econjournals.com/index.php/ijefi/article/view/4211

Issue

Section

Articles