Market Value as a Specie of Public Value : Incorporation of Externalities, Including in the Context of the Azerbaijan Post-War Reconstruction Process

This conference paper contains a set of theses to argue the public value dimension of the Market value concept as used by professional valuers. It is indicated that the recent change of the highest and best use definition in the International Valuation Standards (IVSs) -- that carries the mention of the asset potential maximization -- directly implies that the Market value concept is imbued with the explicit non-cashflow dimensions of public value. Implications of this finding are developed through references to the professional standards in a contiguous sphere of Economic Measurements -- that of the assessment of efficiency of investment projects (the EIB, ADB guidelines).The paper concludes with proposals on how to incorporate public value dimensions developed under the contingent valuation method (CVM) when working out publicly-commissioned valuations for heritage assets acquired by Azerbaijan as a result of the post-war settlement in the 44-day war