I do think that yes it is a close relation between value and prices in evolutionary economics, but it is not exactly given for a theory related to scarcity. It has to do with how institutions performance and how those institutions evolve under existent framework conditions. Particularly market institutions, that vary each place and have very much to do with prices results and some how, values.

Yes value and monetary price are different. And are arrived at within separate structures (yes to 2.).  But I would argue both are arrived at through rational evaluation of gain or loss and in that way are the basis of economic trade.

Well, if you think that theories of value and theories of prices are the same thing, actually, you don't need a theory of value. Evolutionary theory becomes just a chapter of neoclassical economics and you can throw it away, together with that. Indeed, the neoclassical theory of prices has failed both in a partial and in a general equilibrium framewrok.

Hello Yoshinori, I take some time off from your Chapter01 draft to briefly talk of value.

My recent thinking suggests to me that both price and value should be seen as facets, or attributes, of the economic entity which is a good.  They are active in different circumstances.  These differences are teleological in nature.  Value defines a potentially unquantifiable aspect of a good's desirability which is subjective to an actor at a particular time and place and in a context defined by that actor's Umwelt.  The actor may or may not own the good in question at the time and place in question.  Whereas price is a class of metrics which are derivative of value.  A price from the actors' perspectives may be a desired quantum, an anticipated quantum, an offered quantum or a received/paid quantum depending on the transactional state of the good.

However, there is another aspect to value which I have not encountered in any writing.  It seems to me that in understanding transactions of exchange as processes within the context of the many processes that comprise the lives we live there are two separate judgements being made of any good being offered for sale or being considered for purchase.  These are perceptions of Need and of Want.  These seem to have been treated as being equivalent.  At first glance they do appear to be indistinguishable in their effect.   But if you see them as distinct 'emotions' operating simultaneously we get some insight into the mechanics of the processes of goods exchange which one might be modelling within a simulation model built upon C-D principles. It also allows one to accommodate the different Umwelt of each actor in a process.  Need recognises the degree to which possession or relinquishing of a good affects the foundational well-being of each individual actor.  A degree of Need for an essential good at a basic and visceral level might be accompanied by little Want for it.  I absolutely Need a certain amount of water each day but I do not Want it beyond the minimum I Need to drink each day, and I will lower that minimum to zero if I am offered more palatable substitutes, for which I often find the quantity I Want to drink far exceeds the amount I Need to drink for the essential functioning of my body.  There is thus an interplay between Need and Want which follows few rules from actor to actor and from class of goods to class of goods. This is because the judgements of Need and Want are themselves complex functions of each actors' individual Umwelt at each time and place as the transactional processes in which they are involved, and their social milleu, evolve through a day. and from day to day, week to week....  and so Value is perceived. This focus might facilitate a tighter linkage in simulations between perceptions of the Value of goods and their contribution to providing defined levels of well-being in a uniquely evolutionary economic way rather than as being virtually indistinguishable from price in equilibria models leading to measures of overall GDP.

The Price that will be paid becomes equally dynamic with this type of treatment such that situational factors relative to the circumstances in which goods are offered can be easily included at a conceptual level.  If the ways in which a good is offered can be to be more accurately simulated.... e.g. relative convenience of sales outlets, local competitive environments, advertising intensity and so on, then landscapes of geo-sensitive monopolistic influences at micro level might be included that will reflect macro as well as micro effects in the commercial environments as simulation of processes executes along the time-line. 

This Needs/Wants interplay, based upon real behaviour, might lend itself to a more completely satisfying  explanation of the operation of Marginal Utility and of elasticities, of propensities and substitutionality in which it is the Umwelt of each of the actors in the 'presence' of a good offered for exchange/sale which drives these processes rather than anything intrinsic to the particular class of good.   It is not the case that a good in a particular economy, in relation to a particular population sector, is possessed of a certain marginal utility or a demand function.  These might be seen as mere observations, or metrics, derivative of the actors being simulated and their profiles of needs and wants for services and the extents to which the attributes of various goods being offered are able to provide them.

I hope to have done a 'proof-read' of your Chapter01 Draft by your month-end deadline.

Best regards,  Robin

Dear Leiner, Victoria, Giulio and Robin,

I appologise for a late response on your posts. I have been travelling Europe (Bonn, Berlin, Budapest and Wien) for two weeks. As I did not carry my PC, I could not read ReseachGate.

I thank you for all who have answered to my question. You have posed many intersting points of discussion. I cannot answer to those points now, because I have accumulated many things to do urgently. I will come back again in a week. Please be kind enough to wait until then.

I am sorry. I have accumulated many things to do after the two weeks absence. I could not come back in a week. Please wait for a week or so.

 Robin,

interactions of price in one part and demand and supply in another part is the subject of chapter two of the micro-foundation book. I am sorry that I cannot still come back to this work.