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Social Choice and Individual Values information


First edition
AuthorKenneth Arrow
LanguageEnglish
SubjectSocial choice theory
Published
  • 1951 John Wiley & Sons
  • 1963 Yale University Press
  • 2012 Yale University Press
Publication placeUnited States of America
ISBN0300179316 (3rd edition)

Kenneth Arrow's monograph Social Choice and Individual Values (1951, 2nd ed., 1963, 3rd ed., 2012) 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.

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merging of mathematics and political economy. American economist Kenneth Arrow's (1921–2017) published Social Choice and Individual Values in 1951. It consider...

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