▁was ▁created ▁independently ▁and ▁nearly ▁simultaneously ▁by ▁William ▁Stanley ▁Je v ons , ▁Lé on ▁Wal ras , ▁and ▁Carl ▁Men ger ▁in ▁the ▁late ▁ 1 9 th ▁century . ▁ ▁Over view ▁According ▁to ▁the ▁subject ive ▁theory ▁of ▁value , ▁by ▁assuming ▁that ▁all ▁tr ades ▁between ▁individuals ▁are ▁volunt ary , ▁it ▁can ▁be ▁concluded ▁that ▁both ▁parties ▁to ▁the ▁trade ▁subject ively ▁perce ive ▁the ▁goods , ▁labour ▁or ▁money ▁they ▁receive , ▁as ▁being ▁of ▁higher ▁value ▁to ▁the ▁goods , ▁labour ▁or ▁money ▁they ▁give ▁away . ▁The ▁subject ive - value ▁theory ▁holds ▁that ▁one ▁can ▁create ▁value ▁simply ▁by ▁transfer ring ▁ownership ▁of ▁a ▁thing ▁to ▁someone ▁who ▁values ▁it ▁more ▁highly , ▁without ▁necessarily ▁modifying ▁that ▁thing . ▁Where ▁wealth ▁is ▁understood ▁to ▁refer ▁to ▁individuals ' ▁subject ive ▁valu ation ▁of ▁their ▁poss essions , ▁volunt ary ▁tr ades ▁may ▁increase ▁the ▁total ▁wealth ▁in ▁society . ▁ ▁Ind ividual s ▁will ▁tend ▁to ▁obtain ▁dimin ishing ▁levels ▁of ▁satisfaction , ▁or ▁marg inal ▁utility ▁from ▁acqu iring ▁additional ▁units ▁of ▁a ▁good . ▁They ▁will ▁initially ▁prior it ise ▁obtain ing ▁the ▁goods ▁they ▁most ▁need , ▁such ▁as ▁sufficient ▁food , ▁but ▁once ▁their ▁need ▁for ▁food ▁is ▁satisfied ▁up ▁to ▁a ▁certain ▁level , ▁their ▁desire ▁for ▁other ▁goods ▁will ▁start ▁to ▁assume ▁more ▁relative ▁importance , ▁and ▁they ▁will ▁seek ▁to ▁bring ▁satisfaction ▁of ▁their ▁need ▁for ▁food ▁into ▁satisfaction ▁of ▁their ▁need ▁for ▁other ▁goods . ▁