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Kenneth Arrow's monograph Social Choice and Individual Values (1951, 2nd ed., 1963, 3rd ed., 2012) and a theorem within it created modern social choice theory, a rigorous melding of social ethics and voting theory with an economic flavor.
- Kenneth Joseph Arrow
- 1951
Jun 26, 2012 · 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 ...
- Kenneth Joseph Arrow
- June 26, 2012
- 1951
Dec 18, 2013 · Social choice theory is the study of collective decision procedures and mechanisms. It is not a single theory, but a cluster of models and results concerning the aggregation of individual inputs (e.g., votes, preferences, judgments, welfare) into collective outputs (e.g., collective decisions, preferences, judgments, welfare).
In a capitalist democracy there are essentially two methods by which social choices can be made: voting, typically used to make “political” decisions, and the market mechanism, typically used to make “economic” decisions.
enabling to reduce the usually heterogeneous value judgments of the members of a society to a common denominator. The social welfare function should show us how to aggregate individual Value judgments into a collective welfare judgment, which may form the basis for the choices made by a society.
- Reinold H. Van Til
- 1978
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 ...
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Jan 1, 2012 · 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....
