Arrow’s (im)possibility theorem

Pierre Bernhard () and Marc Deschamps
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Pierre Bernhard: BIOCORE - Biological control of artificial ecosystems - CRISAM - Inria Sophia Antipolis - Méditerranée - Inria - Institut National de Recherche en Informatique et en Automatique - INRA - Institut National de la Recherche Agronomique - LOV - Laboratoire d'océanographie de Villefranche - INSU - CNRS - Institut national des sciences de l'Univers - SU - Sorbonne Université - CNRS - Centre National de la Recherche Scientifique - IMEV - Institut de la Mer de Villefranche - INSU - CNRS - Institut national des sciences de l'Univers - SU - Sorbonne Université - CNRS - Centre National de la Recherche Scientifique

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Abstract: Arrow's (im)possibility theorem is one of the most famous and important contri- butions in economics. It concerns the difficulty to aggregate a set of individual preferences, given as rankings of a set of available alternatives, into a unique social preferences ranking via a social welfare function, or into a unique social choice. Arrow proves that in a specific framework, it is impossible to find a social welfare function which simultaneously satisfies four conditions: universal domain, weak Pareto principle, independence of irrelevant alternatives, and no dictator. Our no- tice presents this theorem, one of its proofs, and, we hope, invites the reader to discover social choice theory

Date: 2018
New Economics Papers: this item is included in nep-hpe
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Published in Encyclopedia of Law and Economics, inPress

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