Theory of Value Structure: From Values to Decisions

The theory of value structure explores the meaning of "better than" and "good" and how values guide rational decision-making. It challenges the classical weighted sum aggregation model by arguing that qualitative differences in "better than" comparisons can lead to noncompensatory outcomes and indeterminacy. Erich H. Rast develops a multidimensional theory of "better than" that can be integrated with standard decision-making methods using rank-dependent utility theory.

Format: Hardback
Length: 234 pages
Publication date: 15 March 2022
Publisher: Lexington Books

The theory of value structure delves into the profound significance of "better than" and "good," as well as the role of values in guiding rational decision-making. Drawing upon economics and decision-making theories, the field of serious axiology in metaethics seeks to address the enduring puzzles that philosophers of value have grappled with throughout centuries. One central question revolves around the cyclic nature of value comparisons. Can value judgments be repetitive, and are all values inherently comparable to one another? Can decision-makers simply aggregate different aspects of an evaluation to determine the optimal course of action?

A Theory of Value Structure: From Values to Decisions provides a comprehensive exploration of modeling "better than" comparisons from a normative standpoint. In the philosophical section of the book, Erich H. Rast argues that the qualitative differences between aspects of "better than" comparisons can be so significant that one aspect may outweigh another. Consequently, the classical weighted sum aggregation model fails to capture the full complexity of value judgments. Values cannot always be summed up, and comparisons may be fundamentally noncompensatory, leading to phenomena such as the apparent nontransitivity of "better than" and challenging cases in decision-making.

To address these challenges, Rast develops a multidimensional theory of "better than" and demonstrates how it can be integrated with standard decision-making methods under uncertainty. He employs a lexicographic method of value comparisons, which involves ranking values based on their relative importance. By leveraging rank-dependent utility theory, Rast shows how the multidimensional theory of "better than" can be combined with traditional decision-making frameworks to provide a more comprehensive and nuanced approach to decision-making under uncertainty.

Through this theoretical exploration, A Theory of Value Structure: From Values to Decisions sheds light on the intricate nature of value judgments, challenges traditional assumptions, and offers a valuable contribution to the field of metaethics. It provides decision-makers and philosophers with a deeper understanding of the factors that influence value comparisons, enabling them to make more informed and ethical decisions in various domains of life.

Weight: 513g
Dimension: 227 x 161 x 24 (mm)
ISBN-13: 9781793616944