"A Statistical Definition of Value": A Critical Comment (Letters to the Editor‪)‬

In Max Kummerow's above referenced Journal article (October 2002), he argues against traditional verbal definitions of market value and instead favors a statistical definition of value. Some of the issues related to "thinking statistically" about definitions and valuations were analyzed in earlier works by Kummerow (1) and Colwell. (2) There are a number of important points in these articles, especially in Kummerow's, but it will be argued here that he has drawn too far-reaching conclusions in his most recent 2002 article. Main arguments and conclusions in Kummerow (2000) (3)