Perceived value in industrial clusters: A multidimensional perspective Luis J. Callarisa Fiol University of Jaume I, Dept. of Business Administration and Marketing Campus Riu Sec, 12071- Castellón Spain callaris@emp.uji.es Miguel A. Moliner Tena University of Jaume I, Dept. of Business Administration and Marketing Javier Sánchez García University of Jaume I, Dept. of Business Administration and Marketing Abstract This paper aims to demonstrate that the perceived value of the exchange relationships among firms of an industrial cluster is conditioned by aspects of a rational or functional character, and by other aspects of an emotional and social nature. We put forward some working hypotheses which we attempt to test in the Spanish ceramic tiles cluster. More specifically we analyze the relationships between manufacturers and a supplier of frits, enamels and ceramic colours and related services. The models were tested with Structural Equation Models (SEM). In all the causal models obtained in the course of the data analysis the maximum likelihood estimation method is applied. The results obtained support the hypotheses put forward, and in particular the importance of emotional and social value in industrial relations. We found through an empirical study that experience and interpersonal relationships are more important than price and switching costs. KEY WORDS Perceived value, Spanish ceramic tiles cluster, functional value, emotional value, social value 1