Subjective Value Theory is an economic concept that suggests the value of a good or service is determined by individual preferences and circumstances rather than any inherent qualities. This means that what one person values highly, another may not value at all. For example, a rare collectible might be worth a lot to a collector but little to someone who has no interest in it. This theory contrasts with Objective Value Theory, which posits that value can be measured by factors like production costs or utility. Subjective Value Theory emphasizes personal experiences and perceptions, highlighting that value is unique to each individual.