Asked by Bianca Galvez-Azanon on Jul 21, 2024
Verified
Arrow's impossibility theorem states that the majority rule fails to produce transitive preferences for society.
Arrow's Impossibility Theorem
A theorem that demonstrates the impossibility of devising a social welfare function that satisfies all of a specified set of reasonable conditions simultaneously.
Majority Rule
A decision-making rule in which policies or choices are decided based on the preference of the majority of participants.
Transitive Preferences
A condition in decision-making where if an individual prefers option A over B, and B over C, then the individual also prefers A over C.
- Consider the ramifications of the Condorcet paradox and Arrow's impossibility theorem for the analysis of social choice theory.
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Learning Objectives
- Consider the ramifications of the Condorcet paradox and Arrow's impossibility theorem for the analysis of social choice theory.
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