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Because of this example, some authors credit Condorcet with having given an intuitive argument that presents the core of Arrow's theorem. [20] However, Arrow's theorem is substantially more general; it applies to methods of making decisions other than one-man-one-vote elections, such as markets or weighted voting, based on ranked ballots.
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 ...
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.
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 ...
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.
Arrow's impossibility theorem shows that no reasonable (non-random, non-dictatorial) ranked voting system can satisfy IIA. However, Arrow's theorem does not apply to rated voting methods. These can pass IIA under certain assumptions, but fail it if they are not met. Methods that unconditionally pass IIA include sortition and random dictatorship.
That day, in August 2013, Patrick got in the car and put the duffel bag on a seat. Inside was a talisman he’d been given by the treatment facility: a hardcover fourth edition of the Alcoholics Anonymous bible known as “The Big Book.”
Dictatorships often crop up as degenerate cases or exceptions to theorems, e.g. Arrow's theorem. If there are at least three alternatives, dictatorship is the only ranked voting rule that satisfies unrestricted domain, Pareto efficiency, and independence of irrelevant alternatives.