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The concept of universalizability was set out by the 18th-century German philosopher Immanuel Kant as part of his work Groundwork of the Metaphysics of Morals.It is part of the first formulation of his categorical imperative, which states that the only morally acceptable maxims of our actions are those that could rationally be willed to be universal law.
March and Olsen distinguish the logic of appropriateness from what they term the "logic of consequences," more commonly known as rational choice theory.The logic of consequences is based on the assumption that actors have fixed preferences, will make cost-benefit calculations, and choose among different options by evaluating the likely consequences for their objectives.
Acceptability is an amorphous concept, being both highly subjective and circumstantial; a thing may be acceptable to one evaluator and unacceptable to another, or unacceptable for one purpose but acceptable for another. Furthermore, acceptability is not necessarily a logical or consistent exercise.
In welfare economics, the compensation principle refers to a decision rule used to select between pairs of alternative feasible social states. One of these states is the hypothetical point of departure ("the original state").
Here logical consistency is one check on acceptability of all the values. To answer the questions, Arrow proposes removing the distinction between voting and markets in favor of a more general category of collective social choice. The analysis uses ordinal rankings of individual choice to represent behavioral patterns.
Per ESPN, the Yankees have until 5 p.m. ET Monday to decide whether to restructure the deal. BREAKING: New York Yankees ace Gerrit Cole opted out of his contract, sources tell me and @JeffPassan .
Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient, and to predict what the legal rules will be. [177]
Elsewhere in the Champions League on Wednesday, Barcelona thrashed Red Star Belgrade 5-2, thanks in part to a brace from Robert Lewandowski. However, the win was slightly overshadowed after ...