Perceived value has been considered an important determinant of consumer shopping behavior and studied as such for a long period of time. According to one research stream, perceived value is a variable determined by perceived quality and perceived sacrifice. Another research stream suggests that the perception of value is a result of the consumer risk perception. This implies the presence of two somewhat independent research streams that are integrated by a third research stream – the one suggesting that perceived value is a result of perceived quality and perceived sacrifices while perceived (performance and financial) risk mediates the relationship between perceived quality and perceived sacrifices on the one hand, and perceived value on the other. This paper describes the three approaches (models) that have been mentioned. The aim of the paper is to determine which of the observed models show the most acceptable level of fit to the empirical data. Using the survey method, research involving three product categories has been conducted on a sample of Croatian consumers. Collected data was analyzed by the structural equation modeling (SEM) method. Research has shown an appropriate level of fit of each observed model to the empirical data. However, the model measuring the effect of perceived risk on perceived value indicates the best level of fit, which implies that perceived performance risk and perceived financial risk are the best predictors of perceived value.