What type of value is represented when one buyer sees a pool as a hazard and another sees it as desirable?

The choice of subjective value is correct because it reflects the varying perceptions and feelings individuals have about a particular feature, such as a pool in a property. In this case, one buyer views the pool as a hazard, while another sees it as a desirable addition. This demonstrates that value can be influenced by personal preferences, experiences, and interpretations. Subjective value recognizes that different buyers assign different levels of worth to the same attribute based on their individual perspectives or circumstances.

In contrast, objective value refers to a more standardized measurement based solely on quantifiable features, while market value is the price a property would likely sell for under normal market conditions, influenced by buyer and seller behaviors. Investment value typically relates to the worth of a property for a specific investor based on their unique circumstances and objectives. Therefore, the scenario presented highlights the essence of subjective value where the same property feature can be valued differently by different individuals.