Value cannot be precisely defined.
|•||Value is a concept|
|•||Value is the worth of a product|
|•||Value is in the eyes of the beholder|
|•||Value varies from person to person|
|•||Something valuable to one person may be worthless to another|
Essentially, value is the amount of money that a person will pay for something. Since each person has different tastes and desires, value changes from person to person. The appraiser predicts what the typical person will do.
Discussion 1: Roger is a baseball buff. He sees a rookie Mickey Mantle card for sale for $200. He must have it. Without hesitation, he writes a check. What is the value of the card to Roger?
Discussion 2: Everett could care less about baseball. He sees a rookie Willie Mays card for sale for $250. He could care less but calls Roger who runs over and buys it without hesitation. What is the value of the card to Everett? What is the value of the card to Roger?