In tension-based systems, structural value V may differ markedly from how decision-makers perceive value. This fourth paper in the ZTH series introduces perceived structural value Vp and analyzes its misalignment with V. Perception is modeled as a visibility-weighted projection of the six-dimensional tension vector τ = (R, Q, I, C, D, Ri) onto a perceived vector τ̂. Applying the same promoter–inhibitor operator to τ̂ yields a perceived value Vp. Misalignment between V and Vp is measured by differences ΔV and ratios M = Vp / V. We define several perception regimes based on visibility profiles, including full-hexagon, QCD-centered, risk-blind and impact-blind views, and show how they generate systematic patterns of overestimation or underestimation. A stylized numerical example illustrates how the same structural state can lead to divergent perceived values under different regimes. This provides a formal basis for analyzing blind spots and for extending ZTH to perceived value trajectories Vp(t). This paper is part of the ZTH research series.Part I: https://doi.org/10.5281/zenodo.18671741Part II: https://doi.org/10.5281/zenodo.18684678Part III: https://doi.org/10.5281/zenodo.18700813
Maxime Tarzaali (2026) studied this question.