Book(electronic)2014

The Arrow Impossibility Theorem

In: Kenneth J. Arrow Lecture Series

Maskin, Eric; Sen, Amartya

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Abstract

Kenneth Arrow's pathbreaking?impossibility theorem" was a watershed 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, Amartya Sen and Eric Maskin explore the implications of Arrow's theorem. Sen considers its ongoing utility, exploring the theorem's value and limitations in relation to recent research on social reasoning, while Maskin discusses how to design a voting rule that gets us closer to the ideal?

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Book(electronic)#12014

The Arrow Impossibility Theorem

In: Kenneth J. Arrow Lecture Series

Maskin, Eric; Sen, Amartya; Arrow, Kenneth Joseph; Dasgupta, Partha; Pattanaik, Prasanta K.; Stiglitz, Joseph E.

Kenneth Arrow's pathbreaking ?impossibility theorem" was a watershed 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, Amartya Sen and Eric Maskin explore the implications of Arrow's theorem. Sen considers its ongoing utility, exploring the theorem's value and limitations in relation to recent research on social reasoning, while Maskin discusses how to design a voting rule that gets us closer to the ideal?given