Though Arrow Says It’s Impossible, It Happens Everyday

Mohammad Osman Gani ()

Microeconomics from EconWPA

Abstract: Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social welfare. Thus though Arrow says it is impossible, it actually happens everyday and everywhere.

Keywords: Social Choice; Collective Decision; Trade; Money; Arrow (search for similar items in EconPapers)
JEL-codes: D70 F11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cdm
Date: 2004-05-26
Note: Type of Document - pdf; pages: 2. An original concept of consistency of social preference to change social scineces in general. Dismisses Arrow.

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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpmi:0405008

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