The theory of value structure concerns the meaning of "better than"
and "good," as well as the way in which values serve as a basis for
rational decision making. Drawing methodologically from economics
and theories of decision making, the aim of serious axiology in
metaethics is to do justice to problems that have puzzled
philosophers of value for centuries. Can value comparisons be
cyclic? Are all values comparable with each other and can decision
makers just add up different aspects of an evaluation to determine
the best course of action? A Theory of Value Structure: From Values
to Decisions starts with a thorough introduction to the modeling of
"better than" comparisons from a normative perspective. In the
philosophical part of the book, Erich H. Rast argues that aspects
of "better than" comparisons can differ qualitatively so much that
one aspect may outrank another. Consequently, the classical
weighted sum aggregation model fails. Values cannot always be
summed up and comparisons may be fundamentally noncompensatory, an
indeterminacy that explains problems like the apparent
nontransitivity of "better than" and hard cases in decision making.
Using a lexicographic method of value comparisons, Rast develops a
multidimensional theory of "better than" and shows how and to which
extent it can be combined with standard methods of decision making
under uncertainty by using rank-dependent utility theory.
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