The Arrow Impossibility Theorem

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Kenneth J. Arrows pathbreaking impossibility theorem was a watershed innovation in the history of welfare economics, voting theory, and collective choice, demonstrating that there is no voting rule th...
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Kenneth J. Arrows pathbreaking impossibility theorem was a watershed innovation in the history of welfare economics, voting theory, and collective choice, demonstrating that there is no voting rule that satisfies the four desirable axioms of decisiveness, consensus, nondictatorship, and independence. In this book Eric Maskin and Amartya Sen explore the implications of Arrows theorem. Sen considers its ongoing utility, exploring the theorems value and limitations in relation to recent research on social reasoning, and Maskin discusses how to design a voting rule that gets us closer to the ideal--given the impossibility of achieving the ideal. The volume also contains a contextual introduction by social choice scholar Prasanta K. Pattanaik and commentaries from Joseph E. Stiglitz and Kenneth J. Arrow himself, as well as essays by Maskin, Dasgupta, and Sen outlining the mathematical proof and framework behind their assertions.
Uitgever John Wiley & Sons Ltd
Druk 1
ISBN/EAN 9780231153287
Auteur Maskin, Eric
Vakken economie en ondernemen

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