Search results
Results from the WOW.Com Content Network
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 social ordering R then selects the top-ranked social state(s) from the subset as the social choice set. This is a generalization from consumer demand theory with perfect competition on the buyer's side.
When Kenneth Arrow proved his theorem in 1950, it inaugurated the modern field of social choice theory, a branch of welfare economics studying mechanisms to aggregate preferences and beliefs across a society. [14] Such a mechanism of study can be a market, voting system, constitution, or even a moral or ethical framework. [1]
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 ...
In welfare economics and social choice theory, a social welfare function—also called a social ordering, ranking, utility, or choice function—is a function that ranks a set of social states by their desirability.
In social choice theory, Condorcet's voting paradox is a fundamental discovery by the Marquis de Condorcet that majority rule is inherently self-contradictory.The result implies that it is logically impossible for any voting system to guarantee that a winner will have support from a majority of voters: for example there can be rock-paper-scissors scenario where a majority of voters will prefer ...
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, May's theorem, also called the general possibility theorem, [1] says that majority vote is the unique ranked social choice function between two candidates that satisfies the following criteria: Anonymity – each voter is treated identically, Neutrality – each candidate is treated identically,