Which concept refers to the amount an informed purchaser would offer under normal market conditions?

The concept that refers to the amount an informed purchaser would offer under normal market conditions is market value.

Market value is defined as the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale. It reflects what a knowledgeable buyer would be willing to pay for an asset, considering factors such as the property's characteristics, location, and current market conditions. This concept is crucial in the field of assessment and valuation because it helps establish a baseline for determining the worth of personal property for taxation or sale purposes.

While value in exchange typically refers to the trade or barter value between parties, it does not necessarily capture the nuances of what an informed buyer would offer in a standard market context. Other terms, such as market price or simply value, may encompass broader definitions that do not focus specifically on the conditions of informed purchaser behavior under regular market circumstances. Thus, market value is the most accurate representation of the concept described in the question.