noun
private value
Economics term: the value an individual places on a good or service, as opposed to its market or social value.
私的価値と社会的価値が一致しない場合、市場の失敗が起こりうる。
When private value and social value do not align, market failure can occur.
社会的価値 is social value, the total benefit to society, while 私的価値 is the benefit to an individual.
Compound of 私的 (private) + 価値 (value). A straightforward modern term used in economics.