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sc94597 on 23 April 2015
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Dunban67 said:
sc94597 said:

 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.

But not many people are willing to pay more for a Wii U than what it sells for as there  are not many people willing to pay the current selling price for a Wii U=        MANY being the key word in the definiton you supplied-   Relativly speaking MANY more are willing to pay more for the Xbox One than a Wii U because they already have and continue to do so 

Certain Amiibo would be a better example for your definition 

The issue with this is that we don't know how much the current purchasers value the Wii U. It could very well be the case that if XBO stayed at $500 or $400 that it would do Wii U level sales, and if the Wii U were priced (it was close with $350) that much the direhard Nintendo fans who are currently buying the Wii U would still purchase it. In that scenario, as unlikely as it is, both the XBO and Wii U have the same number of people who value it at the high price, and therefore the same value. Again, value is dependent on the individual purchasers. The XBO/Wii U could possibly have some people who value it more at different prices. If both the XBO/Wii U were at $250 you can't say that the XBO will certainly have more people who value it than the Wii U, beause it is quite possible that people planning to purchase a Wii U just can't afford $300 and that is why $250 is the most they are willing to pay for it. On the otherhand people who value the XBO might possibly be able to afford $300 and therefore any gains from a price-cut might be less. So it isn't as simple as, "XBO has more powerful and therefore - pricy - components and therefore it is more valuable."