Is this a semantic question? If I produce a hat, which I think is worth 5
units, but after the sale I realize that it is only worth 4, the value
does not change after the sale; it is prior to the sale as Alan first
said.
To follow Mike L's suggestion all the way would lead us to a subjective
theory of value.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu