Definition: an economic law of value; no prudent buyer will pay more for a property than the cost of an equally desirable replacement property
Pronunciation: \ˈprin(t)-s(ə-)pəl\ \ˌsəb-stə-ˈtü-shən\
Used in a Sentence: The principal of substitution sets an upper limit of value for a property by establishing the cost of acquiring an equally desirable substitute property on the open market.
