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Value theory, also known as axiology and theory of values, is the systematic study of values.As the branch of philosophy examining which things are good and what it means for something to be good, it distinguishes different types of values and explores how they can be measured and compared.
Ethical value is sometimes used synonymously with goodness. However, "goodness" has many other meanings and may be regarded as more ambiguous. Social value is a concept used in the public sector to cover the social, environmental and economic impacts of individual and collective actions. [2]
The remaining 12 items are used to allow better standardization in calculation of an individual's value. The importance of each of value item is measured on a non-symmetrical scale in order to encourage the respondents to think about each of the questions. 7 (supreme importance) 6 (very important) 5, 4 (unlabeled) 3 (important) 2, 1 (unlabeled)
Values are one of the factors that generate behavior (besides needs, interests and habits) and influence the choices made by an individual. Values may help common human problems for survival by comparative rankings of value, the results of which provide answers to questions of why people do what they do and in what order they choose to do them.
The analysis uses ordinal rankings of individual choice to represent behavioral patterns. Cardinal measures of individual utility and, a fortiori, interpersonal comparisons of utility are avoided on grounds that such measures are unnecessary to represent behavior and depend on mutually incompatible value judgments (p. 9).
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The fact–value distinction is also closely related to the moralistic fallacy, an invalid inference of factual conclusions from purely evaluative premises. For example, an invalid inference "Because everybody ought to be equal, there are no innate genetic differences between people" is an instance of the moralistic fallacy.
Protected values tend to be "intrinsically good", and most people can in fact imagine a scenario when trading off their most precious values would be necessary. [13] If such trade-offs happen between two competing protected values such as killing a person and defending your family they are called tragic trade-offs.