Abstract
Synopsis As flocks of laying birds are seldom sold in situ, it is necessary to value such flocks by estimating the sum for which a rational farmer would sell. It is argued that this is the sum for which the farmer would exchange the future consumption increments flowing from possession of the flock. The valuation method which follows the acceptance of this argument is applied to a standard (British) flock to derive a set of standard values for birds of different ages.
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