Having written about this extensively here, I will now simply quote from one of my References - the last one listed below - because it bears repeating and there seems to be some interest in the topic. This is from Ch. 2 of the document ETHICS: A College Course.
All of this I learned from my mentor, the polymath genius (whose bio you can find in Wikipedia), Robert S. Hartman. [He also suggested in his magnum opus, The Structure of Value, how a systematic Ethics could be generated from the Axiom.]
The first chapter of The College Course explained what a concept is. And the subsequent chapter, which you may study for yourself, delineates three major dimensions of value, akin to wavelengths on a spectrum. These dimensions have many, many applications that help us comprehend the universe in which we live!
Thus I quote what I scribbled previously:
Value is a relation of a concept’s meaning to its referent’s
properties, and is always a matter of degree. Let us say that an item being evaluated falls under a concept, “C”, where “C” is understood to be the name of the relevant concept.
Specifically if the attributes in the mind of the judge match
the properties the judge perceives in the item, s/he will
correctly, by this definition, say the item has value – as a C.
If, in the mind of the judge making an evaluation, the set of
attributes to some degree corresponds to the set of
properties possessed by a referent, bijectively (one-to-one),
then one may safely predict that the person will designate
the item or thing s/he is judging to be “valuable.”
The ‘matching’ process often occurs as a gestalt, instantaneously. Many judgments are snap judgments. They occur in ‘the blink of an eye.’ At times the rating, prizing, grading or evaluation can be quite deliberate and qualify as a considered judgment.
To sum up, value is the relation of a concept’s meaning to its referent’s properties. Let us formalize this, give it a more rigorous treatment, and dub it “the axiom of value.” The axiom (or basic premise) for value science is the definition of value. It reads as follows: Something, X, has value to judge J, at time t, if and only if J perceives a one-toone correspondence between the meaning of X (as J
understands it) and the properties of this actual X (as J conceives of them, senses them, or experiences them.) If that correspondence holds, even partially, J will call X “valuable.” X may be a situation, a person, a thing, a symbol, a model, a theory, a myth, a technicality, a category, anything at all.
The correspondence is between two sets. The first set is the meaning of the concept under with X is subsumed. For purposes of analysis, and theory construction, meaning is here understood as a set of conceived attributes in J’s
concept of X. The second set is the set of properties which J experiences in this X, where X is the topic of the evaluation. When the term “good” is defined in a later
chapter, all this will become quite clear. The student will note the close relationship between the valuable and the good.
These notions serve as quantifiers for value theory, in this
case value-quantifiers. They are quantifiers of qualities. To
say something has value is to imply some correspondence;
to say it is good is to imply full or total correspondence.
This is isomorphic with the discipline of Logic which
defines the logical quantifiers: some and all. (The t in the
formula reminds us that a judgment might change over
time. The evaluation is only a snapshot, not something
“etched in stone.”)
In summary, a thing has value if it even partially fulfills its concept. This will depend upon the concept held by the one who is doing the evaluating. The beauty of this definition is that it directs us to be explicit about what intension that judge has in mind to determine if it is at all like the one some other judge may have in mind (with regard to a concept with the same name) which s/he might
hold. This will reduce confusion and could obviate the incidence of violent arguments and disagreements.
Hence if an instance, or a specific example, of the class-concept posseses properties that match, one for one, the attributes of that concept to some extent, the example is said to have “value”; and if it completely corresponds (matches) the description (the property names: the attributes) then is is “good,” that is, good as a C. {Under another name put on it, it could be “bad.”
The name (designator, label) sets the norm. Value is a partial match; good is a complete match."
I hope this helps…