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This study examined how a collaborative mathematical modeling project impacted students’ identity development and meaningful engagement in mathematics. Creating ‘value’ in this study means to apply one’s knowledge in a way that benefits the individual and society, and the notion of ‘value’ was adopted from Makiguchi’s (1930) theory of ‘value creation’. With this framework, the study identified three aspects of value-beauty, gains, and social good-using observable evidence of mathematical disposition, identity, and sense of community. Sixty students who enrolled in a college algebra course participated in the study. Findings demonstrated that the modeling tasks associated with students’ personal data and social interactions within a group contributed to students’ developing their identities as doers of mathematics and creating social value.