value theory


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Related to value theory: Extreme value theory, Surplus Value Theory

value theory

[′val·yü ‚thē·ə·rē]
(systems engineering)
A concept normally associated with decision theory; it strives to evaluate relative utilities of simple and mixed parameters which can be used to describe outcomes.
References in periodicals archive ?
Introduced by McNeil and Frey (2000), and applied to Nord Pool spot prices by Bystrom (2005), the Extreme Value Theory (EVT) approach has proven superior to the use of a standard AR-GARCH approach.
The results presented in this table reveal that the models that do not resort to extreme value theory, whether on the assumption of normal distribution or t-student distribution, generally showed difficulties in adapting to extreme changes in market.
Another approach is to use the Extreme Value Theory to construct models which account for such thick tails as are empirically observed.
While the average strength of the wires was greater than 60 N (~6 lb), extreme value theory predicts that one wire in one hundred would break at 3 N (~3 lb), 1/2 the average strength.
Value theory states that what a person truly values will drive his or her actions and behaviors in the workplace (Pohlman and Gardiner, 2000).
Finally, an intriguing Appendix addresses the subtler aspects of Objectivist value theory in a discussion of egoistic friendship.
It is important to note the subtle difference between a complete economic justification and the utilitarian application of the labor value theory described here.
Key elements of public value theory are as follows:
1) It is widely acknowledged that Scheler (1874-1928) was the premier phenomenologist to have developed an ethical theory, a distinctive and highly original value theory.
They describe such elements as contingent valuation, the value of ecosystem services, the development of environmental thinking in economics, non-anthropocentric value theory and environmental ethics, class, race and gender discourse, Christian fundamentalism, value orientations, the value of moral satisfaction, and collective decision-making.
For a number of years he backed his bizarre value theory with hard cash.