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Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures ( social welfare functions ) used to combine individual preferences into a coherent whole.
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.
In social choice theory, independence of irrelevant alternatives is often stated as "if one candidate (X) would win an election without a new candidate (Y), and Y is added to the ballot, then either X or Y should win the election." Arrow's impossibility theorem shows that no reasonable (non-random, non-dictatorial) ranked voting system can ...
Social Choice and Individual Values, Yale University Press. Arrow, Kenneth J., and Gérard Debreu ed., 2002. Landmark Papers in General Equilibrium Theory, Social Choice and Welfare. Edward Elgar Publishing, ISBN 978-1-84064-569-9. Description and table of contents. Atkinson, Anthony B. (1975). The Economics of Inequality, Oxford University Press.
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 ...
In social choice and operations research, the egalitarian rule (also called the max-min rule or the Rawlsian rule) is a rule saying that, among all possible alternatives, society should pick the alternative which maximizes the minimum utility of all individuals in society.
Positive political theory (PPT), explanatory political theory, or formal theory is the study of politics using formal methods such as social choice theory, game theory, and statistical analysis. In particular, social choice theoretic methods are often used to describe and (axiomatically) analyze the performance of rules or institutions.
1. Introduction; 2. The Individualistic Postulate (includes topics such as methodological individualism) 3. Politics and the Economic Nexus; 4. Individual Rationality in Social Choice (includes topics such as Rational choice theory and Social choice) Part II. The Realm of Social Choice. 5. The Organization of Human Activity; 6.