Final answer:
Value theory is the philosophical investigation of values, including ethical, social, political, religious, and aesthetic values. It explores the nature of values and addresses metaethical concerns. Perspectives such as cognitivism and non-cognitivism, and realism and anti-realism, provide different ways of understanding the existence and objectivity of values.
Step-by-step explanation:
Value theory is the philosophical investigation of values, including ethical, social, political, religious, and aesthetic values. It addresses metaethical concerns and explores the nature of values. There are different perspectives on value theory, including cognitivism and non-cognitivism, which debate whether values are cognitive or emotional states of mind.
The ontology of value examines the nature and basis of values, with realism and anti-realism presenting contrasting views on the existence and objectivity of ethical values. Value theory provides tools for evaluating and understanding values in personal and societal contexts.