Value encounter modeling-formalization and application  

The concept of cocreation of value has been widely accepted in the management literature and service science. Value modeling approaches such as e3value focus on the exchange of value rather than cocreation. In this paper, a new value modeling approach is proposed that builds on e3value but highlights the notion of a "value encounter." Value encounters are defined as interaction spaces where a group of actors meet and derive value by each one bringing in some of its own resources. The paper provides a formal value encounter ontology. It is shown that this ontology captures the concept of value cocreation and offers a useful instrument for open innovation projects. A case study is provided in which the approach has been applied in the development of a "green" hospital.