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Arrovian Aggregation Models

By Russian Academy of Sciences Inst. Control Sciences
Paperback
$109.99
By Russian Academy of Sciences Inst. Control Sciences
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Aggregation of individual opinions into a social decision is a problem widely observed in everyday life. For centuries people tried to invent the ‘best' aggregation rule. In 1951 young American scientist and future Nobel Prize winner Kenneth Arrow formulated the problem in an axiomatic way, i.e., he specified a set of axioms which every reasonable aggregation rule has to satisfy, and obtained that these axioms are inconsistent. This result, often called Arrow's Paradox or General Impossibil...

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