Stückwert

Stückwert is a term used in economic theory to denote the value attributed to a single unit of a homogeneous good or asset within a market model. The concept serves as a convenient abstraction for analyzing how price signals, costs, and scarcity translate into decisions by buyers and sellers. Because it is a unit-based measure, Stückwert is not tied to any particular market price in the real world, but rather to the marginal value of an additional unit in a given analytical framework.

Definition and interpretation: In basic models with constant marginal constraints, the Stückwert coincides with the market price of the next unit and can be interpreted as the marginal price. In more realistic settings with nonlinear demand, supply, or quality differences, the Stückwert may vary with quantity and time. It can also be used in inventory management to denote the unit cost used for evaluating stock and reorder decisions.

Usage and variants: The term is mainly found in theoretical or pedagogical texts and is not widely standardized across disciplines. In practice, economists prefer terms such as marginal value, marginal price, or unit price depending on context. The Stückwert is closely related to the concept of marginal revenue and to the price that clears a hypothetical one-unit change in quantity.

History and notes: The word Stückwert derives from German, literally "piece value." Its usage is most prominent in German-language discussions of unit economics, though it remains uncommon in contemporary mainstream economics literature. Researchers may encounter it in historical studies or in model-specific glossaries.