> The subjective assessment of the "value of the trade" is then a function of the subject's alternatives, which is usually how much someone else will pay or acc

> The subjective assessment of the "value of the trade" is then a function of the subject's alternatives, which is usually how much someone else will pay or accept from them. I agree that it is a function of the alternatives, but the operative alternative here is not trading. The best way to assess value is that which you lose by taking something away, like taking a player out of a team or a customer out of your book of business