Although this is acceptable, it is impractical since all browsers and web servers interpret the same thing. It is always better to give such values, even if they are simply repeated:
<select> <option value="City 1">City 1</option> <option value="City 2">City 2</option> <option value="City 3">City 3</option> <option value="City 4">City 4</option> </select>
From docs :
value
The content of this attribute represents the value that should be submitted with the form if this option is selected. If this attribute is omitted, the value is taken from the text content of the option element.
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