ABSTRACT
The subjective theory of value characterizes the values of commodities based on the utilities of individual economic agents, and individual values are equalized to market prices through a market trade. We suppose that a certain stream of subjective theories of value consisted of the theory of UTILITY and scarcity before the marginal revolution, 1 the general equilibrium theory founded in the marginal revolution, and the theory of mechanism design described in terms of game theory. However, we prefer to group them together under the heading ‘microeconomic theories’ because all the fundamental topics they cover, to which we refer in this chapter, are included in Microeconomic Theory by Mas-Colell et al. (1995). Even though the theory of UTILITY and scarcity, the general equilibrium theory, and the theory of mechanism design are called by different names, they have distinct characteristics; however, they share the idea about value called utilitarianism in a wide sense of welfarism.
