There is no need put “economic” in here. Defining “value” as “wanted”, there is no value, full stop. “Lack of demand” in simpler terms means “nobody wants it” and in a such situation markets are irrelevant, efficient or not.
Well, the only means I have of advertising my “leftovers” are say a local market and ebay. These are the markets that are accessible to me, but if there’s someone who would want them but is in Japan and we could not communicate, then there’s a want that cannot turn into demand (and so in value) because there’s no market that connect us. So I do not equate want and value, because in that case the Japanese collector and I do not have a mean to translate our demand/supply into an exchange.
There is no need put “economic” in here. Defining “value” as “wanted”, there is no value, full stop. “Lack of demand” in simpler terms means “nobody wants it” and in a such situation markets are irrelevant, efficient or not.
Well, the only means I have of advertising my “leftovers” are say a local market and ebay. These are the markets that are accessible to me, but if there’s someone who would want them but is in Japan and we could not communicate, then there’s a want that cannot turn into demand (and so in value) because there’s no market that connect us.
So I do not equate want and value, because in that case the Japanese collector and I do not have a mean to translate our demand/supply into an exchange.
Ebay actually is such a market. I don’t see why your Japanese collector could not access it.