Formal representations of values and norms are employed in several academic disciplines and specialties, such as economics, jurisprudence, decision theory and social choice theory. Sven Ove Hansson closely examines such foundational issues as the values of wholes and the values of their parts, the connections between values and norms, how values can be decision-guiding and the structure of normative codes with formal precision. Models of change in both preferences and norms are offered, as well as a method to base the logic of norms on that of preferences. Hansson has developed a unified formal representation of values and norms that reflects both their static and their dynamic properties. This formalized treatment, carried out in terms of both informal value theory and precise logical detail, will contribute to the clarification of certain issues in the basic philosophical theory of values and norms.