UPDATED:Do you think the Wii U will get a price cut this year?

[sc94597]

Dunban67 said:

sc94597 said:

The proper word is demanded. Value is subjective.  For example, I would buy a $300 Wii U over a $200 XboxOne, for me, Wii U is more valuable than XBO. 

@OP Certainly. 

Va;ue may be subjective on an individual basis but it is not subjective re the marketplace-   You could sell an X box for more than you can sell a Wii U, so the       X -box IS more valuable than a Wii U --- Even a person that prefered a Wii U would buy an X Box at $200 instead of a Wii U at $300 given the chance because they could then trade or sell the X box at a higher value garnering a profit they could apply toward the Wii U 

 Value is something in the mind of a human-being. The word you are looking for is, equillibrium price. 

Here is how mainstream economists define economic value. 

http://www.ecosystemvaluation.org/1-01.htm

Thus, economic value is measured by the most someone is willing to give up in other goods and services in order to obtain a good, service, or state of the world.  In a market economy, dollars (or some other currency) are a universally accepted measure of economic value, because the number of dollars that a person is willing to pay for something tells how much of all other goods and services they are willing to give up to get that item. This is often referred to as “willingness to pay.” 

It is often incorrectly assumed that a good’s market price measures its economic value.  However, the market price only tells us the minimum amount that people who buy the good are willing to pay for it.  When people purchase a marketed good, they compare the amount they would be willing to pay for that good with its market price.  They will only purchase the good if their willingness to pay is equal to or greater than the price.  Many people are actually willing to pay more than the market price for a good, and thus their values exceed the market price.