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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.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [1]The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
In welfare economics and social choice theory, a social welfare function—also called a social ordering, ranking, utility, or choice function—is a function that ranks a set of social states by their desirability.
When Kenneth Arrow proved his theorem in 1950, it inaugurated the modern field of social choice theory, a branch of welfare economics studying mechanisms to aggregate preferences and beliefs across a society. [14] Such a mechanism of study can be a market, voting system, constitution, or even a moral or ethical framework. [1]
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 1998, Sen received the Nobel Memorial Prize in Economic Sciences for his contributions to welfare economics. [6] He has also made major scholarly contributions to social choice theory, economic and social justice, economic theories of famines, decision theory, development economics, public health, and the measures of well-being of countries.
In economics, Arrow was a major figure in postwar neoclassical economic theory. Four of his students (Roger Myerson, Eric Maskin, John Harsanyi, and Michael Spence) went on to become Nobel laureates themselves. His contributions to social choice theory, notably his "impossibility theorem", and his work on general equilibrium analysis are ...
Thesis Welfare theoretic social choice. (1977) Kevin W. S. Roberts [ 2 ] FBA was the Sir John Hicks Professor of Economics at the University of Oxford until his retirement in 2020.