The intuition that knowledge is more valuable than true belief generates the value problem in epistemology. The aim in this paper is to focus on the intuitive notion of knowledge itself, in the context of the value problem, and to attempt to bring out just what it is that we intuitively judge to be valuable. It seems to me that the value problem brings to the fore certain commitments we have to the intuitive notion of knowledge, which, if we take (...) seriously, reveal that we actually think of knowledge as an irreducible factive mental state. (shrink)