AN ECONOMIC ANALYSIS OF VALUE TO THE OWNER: A REPLY
回应Wright对作者先前文章的批评，论证原始分析在短期内允许资产替换，并指出所有者价值概念在会计应用（如定期收入计量）中显得人为且与现实不符。
Wright's comment criticises a previous article by this author on two grounds: (i) the deprived owner of the asset was not allowed to replace it in the short run: and (ii) only two variants of the concept were considered. This reply argues that the original analysis is consistent with asset replacement in the short run and that the concept of value to the owner and its variants have been developed for special situations. When the concept is applied to accounting issues, such as periodic income measurement, it is shown to be artificial and at variance with the facts of the real world.