Now, it is our primary intention to show that objects are, in cases of a certain important class, not yet ready to serve the person who knows them in their proper character of stimuli, when they have been, even exhaustively, defined in merely physical terms. It is very often not enough that the dimensions of an object and its physical properties, even the more recondite ones as well as those more commonly understood--it is often not enough for the purposes of an agent that these characters should make up the whole sum of his knowledge of the object in question. A measure of knowledge in terms of physical categories is often only a beginning--the result of a preliminary stage of the entire process of teleological determination, which must be carried through before the object of attention can be satisfactorily known. In the present study of the logic of valuation we shall be occupied exclusively with the discussion of cases of this kind. In our judgments of sense-perception and physical science we have presented to us material objects in their physical aspect. When these latter are inadequate to suggest or warrant overt conduct, our knowledge of them must be supplemented and reconstructed in ways presently to be specified. It is in the outcome of judgment-processes in which this work of supplementing and reconstructing is carried through that the consciousness of value, in the proper sense, arises, and these processes, then, are those which we shall here consider under the name of "processes of valuation." They will therefore best be approached through specification of the ways in which our physical judgments may be inadequate.