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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.
The Introduction contrasts voting and markets with dictatorship and social convention (such as those in a religious code). Both exemplify social decisions. Voting and markets facilitate social choice in a sense, whereas dictatorship and convention limit it. The former amalgamate possibly differing tastes to make a social choice.
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 ...
Rational choice and social welfare theory and applications: essays in honor of Kotaro Suzumura. Studies in Choice and Welfare. Berlin: Springer. ISBN 9783540798316. Pattanaik, Prasanta (2009). Essays on individual decision-making and social welfare. New Delhi & New York: Oxford University Press. ISBN 9780195695960.
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]
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 social choice and operations research, the utilitarian rule (also called the max-sum rule) is a rule saying that, among all possible alternatives, society should pick the alternative which maximizes the sum of the utilities of all individuals in society.
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.