Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
The Theory of General Value: Economics, Business, Decision-Making

The Theory of General Value: Economics, Business, Decision-Making

Aityan, Sergey K.
Ivanov-Schitz, Alexey K.

Paperback

Business General

ISBN13: 9798844045660
Publisher: Independently Published
Published: Aug 15 2022
Pages: 182
Weight: 0.55
Height: 0.39 Width: 6.00 Depth: 9.00
Language: English
This book introduces the concept of general value according to which value has two additive components-monetary and nonmonetary. The nonmonetary component reflects individual perception of value unrelated to the monetary part of it. The fundamental difference between the concept of general value and the conventional concept of value is in the expansion of the concept from monetary only to a more general concept by adding a distinct nonmonetary component. The principle of increasing general value is introduced that states that in every action or transaction the general value for each participant should increase. This principle lays the foundation for value-based decision-making. To make a decision, an individual needs to assess a difference of general values before and after the action or transaction or to order values rather than to accurately calculate the values themselves. General value can be measured either rationally, similar to utility, or with bounded rationality, as suggested in behavioral economics, or in any other way which is appropriate and convenient to use. General value in economics plays a similar role as energy in physics and can be referred to as economic energy. General value constitutes a more comprehensive foundation of economics than traditionally used pure monetary value, and thus, goes beyond the classical, neoclassical, and behavioral approaches in economics.

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