Value of what.

literally anything.

In a market system, demand is what determines value.

sure, if you like exploiting people

is there a more reasonable way to determine value?

Value is subjective, after all.

it really isn't

if you think value is subjective, there is no conversation to be had
value is objective

lets say you have a system based on laborpoints.

Value is measured in laborpoints.

Now how the fuck do you determine how many laborpoints a thing is worth? Do you have some kind of algorithm that incorporates physical strain, time spent, emotional wear, mental wear, etc?

not at the moment

that isn't to say one can't be developed

:^)