Search results
Results From The WOW.Com Content Network
(Indeed, many different social welfare functions can meet Arrow's conditions under such restrictions of the domain. It has been proven, however, that under any such restriction, if there exists any social welfare function that adheres to Arrow's criteria, then Condorcet method will adhere to Arrow's criteria. [ 9 ] )
Arrow's impossibility theorem is a key result on social welfare functions, showing an important difference between social and consumer choice: whereas it is possible to construct a rational (non-self-contradictory) decision procedure for consumers based only on ordinal preferences, it is impossible to do the same in the social choice setting ...
The set of conditions across different possible votes refined welfare economics and differentiated Arrow's constitution from the pre-Arrow social welfare function. In so doing, it also ruled out any one consistent social ordering to which an agent or official might appeal in trying to implement social welfare through the votes of other s under ...
In social choice theory, unrestricted domain, or universality, is a property of social welfare functions in which all preferences of all voters (but no other considerations) are allowed. Intuitively, unrestricted domain is a common requirement for social choice functions, and is a condition for Arrow's impossibility theorem.
Social choice theory is the study of theoretical and practical methods to aggregate or combine individual preferences into a collective social welfare function. The field generally assumes that individuals have preferences , and it follows that they can be modeled using utility functions , by the VNM theorem .
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist.He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
This function embodies value judgements about interpersonal utility. The social welfare function shows the relative importance of the individuals that comprise society. [citation needed] A utilitarian welfare function (also called a Benthamite welfare function) sums the utility of each individual in order to obtain society's overall welfare ...
Arrow's and Debreu's two papers [32] (written independently and published almost simultaneously) sought to improve on the rigour of Lange's first theorem. Their accounts refer to (short-run) production as well as exchange, expressing the conditions for both through linear functions.