A value object satisfies a particular need or is used to produce other value objects. In a way, a value object can be seen as a kind of solution for a particular need.
A value object is a physical good (which you can drop on the floor), an intangible outcome of a service, a right, or even an experience. People may assign economic value to value objects. Value objects are classified in money objects and non-money objects. The difference between money objects and non-money objects is found in the way how the associated economic value is assigned and calculated. For money-objects, all people (ultimately) agree on the amount that is transferred between entities (e.g. enterprises). They can perhaps start first a negotiation process about the amount of money to be paid, but ultimately the agreed amount of money is paid, and then everyone observes the same amount of money. This is often called value-in-transfer (Ramsay 2005). On the other hand, a non-money value object can be a physical good, a service, an experience, or a combination of these. People assign economic value (e.g. in terms of monetary units) to these objects differently, e.g. depending on personal preferences and context (Holbrook 1999). For example, ask a number of persons to value a beer in a restaurant. Chances are high that
most people come up with a different answer for valuation. Even a same person may value the
same drink differently: On a hot day the value assigned to a beer might be higher than on a cold day. In e3value , we express value for these non-money objects in terms of monetary units. Note that valuation is not about the price to be paid for a drink, it is about how much money someone is willing to pay. In other words, valuation of non-money objects depends on the increase in utility that happens by using the value object (or by consuming it), and this utility increase is subjective. This is often called value-in-use (Ramsay 2005).
|Name||Expresses the object from an economic value point of view; it should explain why an object is of value to someone|
Text in brackets (as [ ‘value object’]) nearby the value transfer it is associated with.
Examples of value object are ‘a telephone connection to obtain Internet access’, ‘a WiFi
connection’, ‘a train trip from Amsterdam to Paris’, and so on.