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.

Collective Choice and Social Welfare
Collective Choice and Social Welfare

Author: Amartya Sen

Publisher: Harvard University Press

Published: 2018-05-17

Total Pages: 641

ISBN-13: 0674919211

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Originally published in 1970, this classic study has been recognized for its groundbreaking role in integrating economics and ethics, and for its influence in opening up new areas of research in social choice, including aggregative assessment. It has also had a large influence on international organizations, including the United Nations, notably in its work on human development. The book showed that the “impossibility theorems” in social choice theory—led by the pioneering work of Kenneth Arrow—do not negate the possibility of reasoned and democratic social choice. Sen’s ideas about social choice, welfare economics, inequality, poverty, and human rights have continued to evolve since the book’s first appearance. This expanded edition preserves the text of the original while presenting eleven new chapters of fresh arguments and results. “Expanding on the early work of Condorcet, Pareto, Arrow, and others, Sen provides rigorous mathematical argumentation on the merits of voting mechanisms...For those with graduate training, it will serve as a frequently consulted reference and a necessity on one’s book shelf.” —J. F. O’Connell, Choice

Handbook of Social Choice and Welfare
Handbook of Social Choice and Welfare

Author: Kenneth J. Arrow

Publisher: Elsevier

Published: 2010-10-13

Total Pages: 985

ISBN-13: 0080929826

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This second part of a two-volume set continues to describe economists' efforts to quantify the social decisions people necessarily make and the philosophies that those choices define. Contributors draw on lessons from philosophy, history, and other disciplines, but they ultimately use editor Kenneth Arrow's seminal work on social choice as a jumping-off point for discussing ways to incentivize, punish, and distribute goods. - Develops many subjects from Volume 1 (2002) while introducing new themes in welfare economics and social choice theory - Features four sections: Foundations, Developments of the Basic Arrovian Schemes, Fairness and Rights, and Voting and Manipulation - Appeals to readers who seek introductions to writings on human well-being and collective decision-making - Presents a spectrum of material, from initial insights and basic functions to important variations on basic schemes

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 "

A Primer in Social Choice Theory
A Primer in Social Choice Theory

Author: Wulf Gaertner

Publisher: Oxford University Press, USA

Published: 2006

Total Pages: 222

ISBN-13: 9780199297511

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This introductory text explores the theory of social choice. Written as a primer suitable for advanced undergraduates and graduates, this text will act as an important starting point for students grappling with the complexities of social choice theory. Rigorous yet accessible, this primer avoids the use of technical language and provides an up-to-date discussion of this rapidly developing field. This is the first in a series of texts published in association with the LSE.

Foundations of Social Choice Theory
Foundations of Social Choice Theory

Author: Jon Elster (red.)

Publisher: CUP Archive

Published: 1986

Total Pages: 260

ISBN-13: 9780521389136

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First published in 1986, this volume of essays offers an examination of the philosophical foundations of social choice theory, in its context as the outgrowth of welfare economics. The essays advance both criticisms and suggestions for alternative approaches.

A Theory of Fairness and Social Welfare
A Theory of Fairness and Social Welfare

Author: Marc Fleurbaey

Publisher: Cambridge University Press

Published: 2011-06-13

Total Pages: 315

ISBN-13: 1139498770

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The definition and measurement of social welfare have been a vexed issue for the past century. This book makes a constructive, easily applicable proposal and suggests how to evaluate the economic situation of a society in a way that gives priority to the worse-off and that respects each individual's preferences over his or her own consumption, work, leisure and so on. This approach resonates with the current concern to go 'beyond the GDP' in the measurement of social progress. Compared to technical studies in welfare economics, this book emphasizes constructive results rather than paradoxes and impossibilities, and shows how one can start from basic principles of efficiency and fairness and end up with concrete evaluations of policies. Compared to more philosophical treatments of social justice, this book is more precise about the definition of social welfare and reaches conclusions about concrete policies and institutions only after a rigorous derivation from clearly stated principles.

Social Choice, Welfare, and Ethics
Social Choice, Welfare, and Ethics

Author: William A. Barnett

Publisher: Cambridge University Press

Published: 1995-02-24

Total Pages: 438

ISBN-13: 9780521443401

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Parts three and four are devoted to algebraic and combinatorial aspects of social choice theory, including analyses of Arrow's Theorem, consensus functions, and the role of geometry. Part five deals with the application of cooperative game theory to social choice.

Choice, Preferences, and Procedures
Choice, Preferences, and Procedures

Author: Kotaro Suzumura

Publisher: Harvard University Press

Published: 2016-06-06

Total Pages: 806

ISBN-13: 0674727444

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Kotaro Suzumura is one of the world’s foremost thinkers in social choice theory and welfare economics. Bringing together essays that have become classics in the field, Choice, Preferences, and Procedures examines foundational issues of normative economics and collective decision making. Social choice theory seeks to critically assess and rationally design economic mechanisms for improving human life. An important part of Suzumura’s contribution over the past forty years has entailed fusion of abstract microeconomic ideas with an understanding of real-world economies in a coherent analysis. This volume of selected essays reveals the evolution of Suzumura’s thinking over his career. Groundbreaking papers explore the nature of individual and social choice and the idea of assigning value to freedom of choice, different forms of rationality, and concepts of individual rights, equity, and fairness. Suzumura elucidates his innovative approach for recognizing interpersonal comparisons in the vein of Adam Smith’s notion of sympathy and expounds the effect of paying due attention to nonconsequential features, such as the opportunity to choose and the procedure for decision making, along with the standard consequential features. Analyzing the role of economic competition, Suzumura points out how restricting competition may, in some circumstances, improve social welfare. This is not to recommend government regulation rather than market competition but to emphasize the importance of procedural features in a competitive context. He concludes with illuminating essays on the history of economic thought, focusing on the ideas of Vilfredo Pareto, Arthur Pigou, John Hicks, and Paul Samuelson.