Value in Use

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Value in Use is the value of goods and services to a specific user rather than to the market in general

 

Example #1:   A handicapped person may pay a considerable premium to construct a house with wide hallways and no steps.  The value to the handicapped person is obvious but the typical homebuyer would not pay a premium for the improvements.

 

The value in use is the price paid (or higher).  The market value is what the typical buyer would pay for the house.  The market value is probably a lot less than the value in use.

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