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Stock-in-trade valuation in the United Kingdom 1840 to 1959
thesisposted on 2000-01-01, 00:00 authored by 1946- Smith
Commentators have made a number of unsubstantiated claims about why the lower of cost and market rule had become the accepted method of valuation. It is demonstrated that none of these explanations can be substantiated. Leon Festinger's theory of "dissonance reduction" is used to explain why the significant criticisms of the rule have been ignored.