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Measuring the Nonmonetary Component of General Value for Goods and Services

Author

Listed:
  • Sergey K. Aityan

    (Lincoln University, Oakland, CA, USA)

  • Alexey K. Ivanov-Schitz

    (Moscow Institute of International Relations, Moscow, Russia,)

  • Eugenia Logunova

    (Moscow Institute of International Relations, Moscow, Russia,)

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.

Suggested Citation

  • Sergey K. Aityan & Alexey K. Ivanov-Schitz & Eugenia Logunova, 2017. "Measuring the Nonmonetary Component of General Value for Goods and Services," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 69-81.
    • Handle: RePEc:eco:journ1:2017-03-11
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    References listed on IDEAS

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    Cited by:

    1. Sergey K. Aityan, 2020. "Analysis of Competitive Strategies by Asserting General Value," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 12(5), pages 1-10, May.

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    More about this item

    Keywords

    Value; Nonmonetary; Utility; Preference; Behavioral Economics; Decision-making; Personal Choice;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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