▁of ▁a ▁good ▁or ▁altern atively ▁to ▁an ▁objective ▁measure ▁of ▁the ▁useful ness ▁of ▁a ▁good . ▁The ▁theory ▁that ▁it ▁was ▁the ▁amount ▁of ▁labor ▁that ▁went ▁into ▁producing ▁a ▁good ▁that ▁determined ▁its ▁value ▁proved ▁equally ▁fut ile ▁because ▁someone ▁could ▁st umble ▁upon ▁the ▁discovery ▁of ▁a ▁diam ond ▁while ▁out ▁for ▁a ▁hi ke , ▁for ▁example , ▁which ▁would ▁require ▁minimal ▁labor , ▁but ▁yet ▁the ▁diam ond ▁could ▁still ▁be ▁val ued ▁higher ▁than ▁water . ▁ ▁The ▁subject ive ▁theory ▁of ▁value ▁presents ▁what ▁it ▁sees ▁as ▁a ▁solution ▁to ▁this ▁par ado x ▁by ▁arg uing ▁that ▁value ▁is ▁not ▁determined ▁by ▁individuals ▁choosing ▁among ▁entire ▁abstract ▁classes ▁of ▁goods , ▁such ▁as ▁all ▁the ▁water ▁in ▁the ▁world ▁versus ▁all ▁the ▁diam onds ▁in ▁the ▁world . ▁R ather , ▁an ▁acting ▁individual ▁is ▁faced ▁with ▁the ▁choice ▁between ▁definite ▁quantities ▁of ▁goods , ▁and ▁the ▁choice ▁made ▁by ▁such ▁an ▁actor ▁is ▁determined ▁by ▁which ▁good ▁of ▁a ▁specified ▁quantity ▁will ▁satisfy ▁the ▁individual ' s ▁highest ▁subject ively ▁ranked ▁preference , ▁or ▁most ▁desired ▁end . ▁ ▁See ▁also ▁ ▁Marg inal ism , ▁the ▁theory ▁of ▁marg inal ▁value ▁ ▁In tr insic ▁theory ▁of ▁value ▁ ▁Labour ▁theory ▁of ▁value ▁ ▁Power ▁theory ▁of ▁value ▁ ▁Be havior al ▁econom ics ▁ ▁Ex pected ▁utility ▁hypothesis ▁ ▁References ▁ ▁Category : The ory ▁of ▁value ▁( e conom ics ) ▁Category : Subject iv ism ▁Category : Util ity