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Arrow's impossibility theorem is a key result in social choice theory, ... When Kenneth Arrow proved his theorem in 1950, ... Theory and Decision : ...
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist.He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
The work culminated in what Arrow called the "General Possibility Theorem," better known thereafter as Arrow's (impossibility) theorem. The theorem states that, absent restrictions on either individual preferences or neutrality of the constitution to feasible alternatives, there exists no social choice rule that satisfies a set of plausible ...
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 ...
Kenneth Arrow's 1963 book demonstrated the problems with such an approach, though he would not immediately realize this. Along earlier lines, Arrow's version of a social welfare function, also called a 'constitution', maps a set of individual orderings ( ordinal utility functions ) for everyone in society to a social ordering, which ranks ...
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.
In social choice theory, a dictatorship mechanism is a degenerate voting rule or mechanism where the result depends on only one person's preferences, without considering any other voters. A serial dictatorship is similar, but also designates a series of "backup dictators", who break ties in the original dictator's choices when the dictator is ...
Mechanism design (sometimes implementation theory or institution design) [1] is a branch of economics and game theory. It studies how to construct rules—called mechanisms or institutions—that produce good outcomes according to some predefined metric , even when the designer does not know the players' true preferences or what information ...