[ulzeraj]

Its more complicated than that. If you already have some maybe having more of that specific thing is more a hassle than a benefit. Or maybe you don't value that thing at all.

What value has a premium steak to a vegan?

If your house is on 0.5 acre of land and you add another acre it might great but if you had 500 acres of land and added another one you wound't even notice.

Why people tend to value diamonds more than water which is essential to live? If you receive two copies of the same magazine you like to read does the second copy holds some value to you?

[Swenrekcah]

Inherent value is real. Market value of the thing is dependent on a million things but an axe has inherent value in the same way a feeble banknote hasn’t.

The steak has calories and nutrients, regardless of who holds it (until it goes bad). Those are inherently valuable to any human being.

Your secondary point is about the law of diminishing returns, it’s a non-sequitur.

Water is inherently valuable for obvious reasons. Diamonds have inherent value in their hardness although that has little to do with their market value, that isn’t based on inherent value.

The magazine isn't inherently valuable. The information in it could be if one can decipher it. But additional copies of information don't make new information, so one or a hundred magazines, it makes no difference in inherent value.