Restructuring quantities and quantity values: Monetary value, Price and Cost

[nelekoehler]

Description of the issue

As discussed in #1875 we need to make some structural changes regarding quantity values and qualities. We noticed that cost and monetary price (incl. subclasses) are actually qualities/quantities and not quantity values as they are now. That’s why we need to move them and add monetary value as a quantity value, we then can connect to cost and price.
To adjust our definitions for cost and price as quantities I looked into the Financial Industry Business Ontology.

Ideas of solution

Quantities/qualities:
Cost
The current definition of cost in the OEO is: Cost is an economic value that describes the amount of money needed to buy, make, or do a thing.
Definition of cost in FIBO: amount payable for principal, interest, fees or other expenses.
A new adjusted definition could be: Cost is a quality that describes an amount of money needed to buy, make, or do a thing
Or
Cost is an amount of the money needed to buy, make, or do a thing
Cost then could be a subclass of amount. (If we implement amount as suggested in #1896 )
Axiom: has quantity value some monetary value

Monetary price (incl. subclasses)
Current definition of monetary price in OEO: A monetary price is an economic value that describes the amount of money requested, expected, required or given in exchange for something else.

New adjusted definition:
A monetary price is a quality that describes the amount of money requested, expected, required or given in exchange for something else.
Or
Monetary Price is an amount of money requested, expected, required or given in exchange for something else. (subclass of amount)
It should be possible to adopt the definition of the subclasses of monetary price in the OEO.
—> Axiom: has quantity value some `monetary value

Add new Quantity value:
Monetary value
Definition: A monetary value is a quantity value (or economic value) that states the amount of money specified in monetary units.
Derived from: https://spec.edmcouncil.org/fibo/ontology/FND/Accounting/CurrencyAmount/AmountOfMoney and https://spec.edmcouncil.org/fibo/ontology/FND/Accounting/CurrencyAmount/MonetaryAmount
Axiom: Quantity value of some cost/price

[nelekoehler]

#1875 (comment)

Which quantity values are actually quantities/qualities? Move and connect to quantity values

• cost
• monetary price (incl. subclasses)

• We initially proposed to make cost a quantity. I have the impression, it might be rather a process attribute instead, since costs are caused by processes (could also be a process of stasis. Any thoughts?
  

• monetary price:

  • current def as quantity value: A monetary price is an economic value that describes the amount of money requested, expected, required or given in exchange for something else.
  • draft for a new definition as quantity/quality: A monetary price is a quality of a good(?) that indicates the value in terms of the amount of money requested, expected, required or given in exchange for something else.

[stap-m]

New adjusted definition:
A monetary price is a quality that describes the amount of money requested, expected, required or given in exchange for something else.
Or
Monetary Price is an amount of money requested, expected, required or given in exchange for something else. (subclass of amount)

Your first proposal is similar to the one I suggested, a bit simpler. I think it should become clear, that the price is a quality of a good. It refers to an amount of money, but is not the amount of money itself, therefore I don't see it as subclass of amount.

[stap-m]

From oeo-dev 86:

• cost, see also cost subclasses have to be rescructured according to #1875  #1914
  • process attribute? yes
  • New definition proposal: Cost is a process attribute that describes the amount of money needed to buy, make, or do a thing.
  • Cost subclasses tbd in cost subclasses have to be rescructured according to #1875  #1914
• monetary price (incl. subclasses)
  • current definition: "A monetary price is an economic value that describes the amount of money requested, expected, required or given in exchange for something else."
  • 'amount' not optimal because not countable unlike monetary value
  • synonyms: Geldbetrag / amount of money
  • Implement new definition: A monetary price is a quality of a good that indicates the value in terms of the amount of money requested, expected, required or given in exchange for something else."
• monetary value:
  • amount of money als alternative label!
  • Definition proposal: A monetary value is a quantity value (or economic value) that states the amount of money specified in monetary units.
  • definition source: https://spec.edmcouncil.org/fibo/ontology/FND/Accounting/CurrencyAmount/AmountOfMoney and https://spec.edmcouncil.org/fibo/ontology/FND/Accounting/CurrencyAmount/MonetaryAmount
  • Axiom proposal: Quantity value of some cost/price

[stap-m]

I start with implementing monetary value and monetary price.

[stap-m]

We have a couple of subclasses of monetary value (formerly monetary price):

We should now decide how to deal with this subclasses: are they quantity values or quantities? From the point of view of use cases, I'd rather see them as quantity values. @nelekoehler?
In that case, we could just add axioms:

'electricity price'
    SubClassOf 'quantity value of' some 
        ('electrical energy'
        and ('has characteristic' some 'monetary price'))

'emission price'
    SubClassOf 'quantity value of' some 
        ('emission'
        and ('has characteristic' some 'monetary price'))

etc.

For import/export price I am not sure whether the price refers to the imported/exported good or the import/export process. @l-emele @areleu any clue?

[l-emele]

For import/export price I am not sure whether the price refers to the imported/exported good or the import/export process.

An import/export price refers to both: the good and the process: It is the price of a good participating in a process.

[nelekoehler]

We have a couple of subclasses of monetary value (formerly monetary price):

We should now decide how to deal with this subclasses: are they quantity values or quantities? From the point of view of use cases, I'd rather see them as quantity values. @nelekoehler? In that case, we could just add axioms:

'electricity price'
    SubClassOf 'quantity value of' some 
        ('electrical energy'
        and ('has characteristic' some 'monetary price'))

'emission price'
   SubClassOf 'quantity value of' some 
       ('emission'
       and ('has characteristic' some 'monetary price'))

I agree that those subclasses seem like quantity values and also agree to your suggestion to add the axioms.

[stap-m]

For import/export price I am not sure whether the price refers to the imported/exported good or the import/export process.

An import/export price refers to both: the good and the process: It is the price of a good participating in a process.

In this case, the axiom should refer to the good:

'export price'
    SubClassOf 'quantity value of' some 
        ('good'
        and ('participates in' some 'export')
        and ('has characteristic' some 'monetary price'))