JEVONS,W.STANLEY (1888) ON OPTION VALUE

This note argues that Stanley Jevons in his "Theory of Political Economy" defined a concept closely related to what came to be known in the literature as "option value" introduced in a seminal paper by Weisbrod (Quart. J. Econom. 78, 471-477 (1964)). Although this is a matter of interpretation, their contributions are probably closer to "option price" in modern economic terminology. © 1990.