The subjective theory of value is an economic theory which proposes the idea that the value of any good is not determined by the utility value of the object, nor by the cumulative value of components or labour needed to produce or manufacture it, but instead is determined by the individuals or entities who are buying or selling the object in question. This trend is often seen in collectable items such as cars, vinyl records, and comic books. The value of an object may have increased substantially since its creation or original purchase due to age, a personal affinity, or scarcity.

The modern version of this theory was created independently and nearly simultaneously by William Stanley Jevons, Léon Walras, and Carl Menger in the late 19th century.