1 Introduction Extreme valuetheory (EVT) deals with rare but extreme events in risk-management, finance, insurance, reinsurance, economics, hydrology, material sciences, telecommunications, and other industries [ 17 ]. From an actuarial point of view, the distributions of extreme losses are critical since the insurer (or re-insurer) makes payment only when the loss exceeds a specific value.
Extreme value analysis provides an essential set of strategies to quantify the more massive losses and offers a clear narrative to translate management guidelines on above
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Studies in ValueTheory
Chapter 1: VALUES AND THE EXPLANATION
OF BEHAVIOUR 1
Chapter 2: ON THE IMPORT AND RATIONALE OF VALUE
Chapter 3: HOW WIDE IS THE GAP BETWEEN FACTS AND
Chapter 4: NOMIC HIERARCHIES AND PROBLEMS OF
Chapter 5: BY THE STANDARDS OF THEIR DAY 73
Chapter 6: PRESUMPTION AND THE JUDGMENT OF ELITES 85
Chapter 7: DESIDERATUM COMPLEMENTARITY 93
Chapter 8: THE ROLE OF VALUES IN THE SOCIAL SCIENCES 111
Chapter 9: VALUES IN SCIENCE
Assumptions and Objective Value-Theory:
Meinong’s Psychology of Valuation
Abstract: The problem of value and the related effort in proposing a scientific-
objective treatment of it are of the utmost importance in Meinong’s philosophical
thought. Theoretically speaking, it is common to talk of a conceptual path that
led Meinong to abandon the subjective perspective he outlined in the early 1890s
in favour of an objective one developed during the period 1910–1920. According-
ly, the goal of this paper is twofold: on the one hand, we sketch out
Purpose: To incorporate a new value theory based on co-productivity into the value chain analysis.
Methodology: We develop a theoretical model of co-productivity and analyze selected examples of high co-productive value chains. Our theory modifies value theories based on the classical approach (A. Smith, D. Ricardo, K. Marx), production factors of land, capital, labor, and knowledge (J.B. Clark), subjective value for the consumer (C. Menger, W.S. Jevons, and L. Walras), exchange value (A. Marshall), energy value (I. Prigogine), value added for the customer (M. Porter and P. Drucker), information value (V. Rometty), and customer attention (M. Goldhaber).
Findings: We demonstrate that the co-productivity theory deeply connects all hermeneutic sources of value creation, but more importantly, it opens opportunities for adopting future-oriented sources.
Originality: We present an original theory based on co-productivity, previously unused in logistics. We show how the theory helps to shape more effective value chains.
C H A P T E R F O U R
This chapter examines three kinds of valuetheory, all of which are to be
found in the Classical writings. These three kinds are, firstly, the “cost of
production” theory of value which, so far as Classical economics is con-
cerned, originated with Adam Smith; secondly, the Ricardian theory of
value; and thirdly the subjective valuetheories associated especially with
the work of J. B. Say. The contributions of Smith and Ricardo will be
dealt with first, since an understanding of these is necessary to an under
ValueTheory Before Sraffa
I Introduction to Part IV
This part is devoted to the Marxian theories of value and exploitation. It
tells, as simply as we have been able to tell, a very long and complicated
story. Readers should be warned that the structure of this part of the book is
somewhat unusual. It contains two chapters (12 and 14) which are broadly
chronological in their discussion of the transformation of values into prices
of production, and two on Srafian economics (13 and 15) which are largely
analytical in nature and deal only incidentally