The Arrow Impossibility Theorem
The Arrow Impossibility Theorem

Author: Eric Maskin

Publisher: Columbia University Press

Published: 2014-07-08

Total Pages: 164

ISBN-13: 0231153287

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Kenneth Arrow's pathbreaking Òimpossibility theoremÓ was a watershed in the history of welfare economics, voting theory, and collective choice, demonstrating that there is no voting rule that satisfies the four desirable axioms of decisiveness, consensus, nondictatorship, and independence. In this book, Amartya Sen and Eric Maskin explore the implications of ArrowÕs theorem. Sen considers its ongoing utility, exploring the theoremÕs value and limitations in relation to recent research on social reasoning, while Maskin discusses how to design a voting rule that gets us closer to the idealÑgiven that achieving the ideal is impossible. The volume also contains a contextual introduction by social choice scholar Prasanta K. Pattanaik and commentaries from Joseph E. Stiglitz and Kenneth Arrow himself, as well as essays by Sen and Maskin outlining the mathematical proof and framework behind their assertions.

The Arrow Impossibility Theorem
The Arrow Impossibility Theorem

Author: Eric Maskin

Publisher: Columbia University Press

Published: 2014-07-22

Total Pages: 163

ISBN-13: 0231526865

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Kenneth J. Arrow's pathbreaking "impossibility theorem" was a watershed innovation in the history of welfare economics, voting theory, and collective choice, demonstrating that there is no voting rule that satisfies the four desirable axioms of decisiveness, consensus, nondictatorship, and independence. In this book Eric Maskin and Amartya Sen explore the implications of Arrow's theorem. Sen considers its ongoing utility, exploring the theorem's value and limitations in relation to recent research on social reasoning, and Maskin discusses how to design a voting rule that gets us closer to the ideal—given the impossibility of achieving the ideal. The volume also contains a contextual introduction by social choice scholar Prasanta K. Pattanaik and commentaries from Joseph E. Stiglitz and Kenneth J. Arrow himself, as well as essays by Maskin, Dasgupta, and Sen outlining the mathematical proof and framework behind their assertions.

Social Choice and Individual Values
Social Choice and Individual Values

Author: Kenneth Joseph Arrow

Publisher: Yale University Press

Published: 1963-01-01

Total Pages: 152

ISBN-13: 9780300013641

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The literature on the theory of social choice has grown considerably beyond the few items in existence at the time the first edition of this book appeared in 1951. Some of the new literature has dealt with the technical, mathematical aspects, more with the interpretive. My own thinking has also evolved somewhat, although I remain far from satisfied with present formulations. The exhaustion of the first edition provides a convenient time for a selective and personal stocktaking in the form of an appended commentary entitled, 'Notes on the Theory of Social Choice, 1963, ' containing reflections on the text and its omissions and on some of the more recent literature. This form has seemed more appropriate than a revision of the original text, which has to some extent acquired a life of its own.

Arrow Impossibility Theorems
Arrow Impossibility Theorems

Author: Jerry S. Kelly

Publisher: Academic Press

Published: 2014-05-10

Total Pages: 207

ISBN-13: 1483271269

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Arrow Impossibility Theorems is a 10-chapter text that describes existing impossibility theorems. This book explores a number of formalizations of ethical constraints of the theorems. After an introduction to the framework and notation for Arrow impossibility theorems, this book goes on discussing some concepts and an apparatus of relations among those concepts which are important for the theorems. Other chapters present some impossibility results that serve to point out serious difficulties in some plausible escape routes from the theorems of earlier chapters. The final chapter describes important areas of research that have arisen in the collective choice field in the transition away from studying the conditions of Arrow's theorem alone to the totality of all impossibility theorems. This book is intended primarily for economists.

Social Choice and Individual Values
Social Choice and Individual Values

Author: Kenneth J. Arrow

Publisher: Yale University Press

Published: 2012-06-26

Total Pages: 347

ISBN-13: 0300186983

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Originally published in 1951, "Social Choice and Individual Values" introduced "Arrow's Impossibility Theorem" and founded the field of social choice theory in economics and political science. This new edition, including a new foreword by Nobel laureate Eric Maskin, reintroduces Arrow's seminal book to a new generation of students and researchers."Far beyond a classic, this small book unleashed the ongoing explosion of interest in social choice and voting theory. A half-century later, the book remains full of profound insight: its central message, 'Arrow's Theorem, ' has changed the way we think."--Donald G. Saari, author of "Decisions and Elections: Explaining the Unexpected "

Welfare Economics and Social Choice Theory
Welfare Economics and Social Choice Theory

Author: Allan M. Feldman

Publisher: Springer Science & Business Media

Published: 2006-06-14

Total Pages: 401

ISBN-13: 038729368X

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This book covers the main topics of welfare economics — general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities and public goods — and some of the major topics of social choice theory — compensation criteria, fairness, voting. Arrow's Theorem, and the theory of implementation. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms, or other more abstract mechanisms, can improve upon the results of the market. This second edition updates the material of the first, written by Allan Feldman. It incorporates new sections to existing first-edition chapters, and it includes several new ones. Chapters 4, 6, 11, 15 and 16 are new, added in this edition. The first edition of the book grew out of an undergraduate welfare economics course at Brown University. The book is intended for the undergraduate student who has some prior familiarity with microeconomics. However, the book is also useful for graduate students and professionals, economists and non-economists, who want an overview of welfare and social choice results unburdened by detail and mathematical complexity. Welfare economics and social choice both probably suffer from ex cessively technical treatments in professional journals and monographs.

The Theory of Social Choice
The Theory of Social Choice

Author: Peter C. Fishburn

Publisher: Princeton University Press

Published: 2015-03-08

Total Pages: 277

ISBN-13: 1400868335

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One fundamental premise of democratic theory is that social policy, group choice, or collective action should be based on the preferences of the individuals in the society, group, or collective. Using the tools of formal mathematical analysis, Peter C. Fishburn explores and defines the conditions for social choice and methods for synthesizing individuals' preferences. This study is unique in its emphasis on social choice functions, the general position that individual indifference may not be transitive, and the use of certain mathematics such as linear algebra. The text is divided into three main parts: social choice between two alternatives, which examines a variety of majority-like functions; simple majority social choice, which focuses on social choice among many alternatives when two-element feasible subset choices are based on simple majority; and a general study of aspects and types of social choice functions for many alternatives. Originally published in 1973. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Finance & Development, September 2014
Finance & Development, September 2014

Author: International Monetary Fund. External Relations Dept.

Publisher: International Monetary Fund

Published: 2014-08-25

Total Pages: 60

ISBN-13: 1475566980

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This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

Coalition Formation and Social Choice
Coalition Formation and Social Choice

Author: Ad M.A. Van Deemen

Publisher: Springer Science & Business Media

Published: 2013-03-09

Total Pages: 248

ISBN-13: 1475725787

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Coalition Formation and Social Choice provides a unified and comprehensive study of coalition formation and collective decision-making in committees. It discusses the main existing theories including the size principle, conflict of interest theory, dominant player theory, policy distance theory and power excess theory. In addition, the book offers new theories of coalition formation in which the endogenous formation of preferences for coalitions is basic. Both simple game theory and social choice theory are extensively applied in the treatment of the theories. This combined application not only leads to new theories but also offers a new and fresh perspective on coalition formation and collective decision-making in committees. The book covers the fundamental concepts and results of social choice theory including Arrow's Impossibility Theorem. Furthermore, it gives a coherent treatment of the theory of simple games. Besides more traditional topics in simple game theory like power indices, it also introduces new aspects of simple games such as the Chow parameter, the Chow vector and the notion of similar games.

Social Choice
Social Choice

Author: Paul E Johnson

Publisher: SAGE

Published: 1998-06-25

Total Pages: 124

ISBN-13: 9780761914068

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'Social Choice' is a comprehensive exploration of the key questions, concepts, terminology, methods and results of social choice theory.