(a) Provide a definition of the deprival value of an asset.

(b) For a particular asset, suppose the three bases of valuation relevant to the calculation of its deprival value are (in thousands of pounds): \(£ 12, £ 10\) and \(£ 8\).
Construct a matrix of columns and rows showing all the possible alternative situations and, in each case, indicate the appropriate deprival value.

(c) Justify the use of deprival value as a method of asset valuation, using the matrix in

(b) above to illustrate your answer.