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arrow k social choice individual values 2ed 1970

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Textbook in PDF format Kenneth Arrow's monograph Social Choice and Individual Values (1951, 2nd ed., 1963) and a theorem within it created modern social choice theory, a rigorous melding of social ethics and voting theory with an economic flavor. Somewhat formally, the "social choice" in the title refers to Arrow's representation of how social values from the set of individual orderings would be implemented under the constitution. Less formally, each social choice corresponds to the feasible set of laws passed by a "vote" (the set of orderings) under the constitution even if not every individual voted in favor of all the laws. 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 requirements. The result generalizes the voting paradox, which shows that majority voting may fail to yield a stable outcome. Introduction The Nature of Preference and Choice The Social Welfare Function The Compensation Principles The General Possibility Theorem for Social Welfare Functions The Individualistic Assumptions Similarity as the Basis of Social Welfare Judgment Notes on the Theory of Social Choice

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arrow k social choice individual values 2ed 1970

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