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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.
Social Choice and Welfare is a quarterly peer-reviewed academic journal covering social choice and welfare economics. The journal was established in 1984 and is published by Springer Science+Business Media. According to the Journal Citation Reports, the journal has a 2013 impact factor of 0.590. [1]
Less informally, the social choice function is the function mapping each environment S of available social states (at least two) for any given set of orderings (and corresponding social ordering R) to the social choice set, the set of social states each element of which is top-ranked (by R) for that environment and that set of orderings.
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 ...
Impartial culture (IC) or the culture of indifference [1] is a probabilistic model used in social choice theory for analyzing ranked voting method rules. [2] [3]The model is understood to be unrealistic, and not a good representation of real-world voting behavior, however, it is useful for mathematical comparisons of voting methods under reproducible, worst-case scenarios.
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.
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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.