Individually-Rational Collective Choice under Random Preferences

Andrés Carvajal

No 04/29, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: In this paper I consider the following problem: there is a collection of exogenously given socially feasible sets, and for each one of them, each one of a group of individuals chooses from an individually feasible set. The fact that the product of the individually feasible sets is larger than the socially feasible set notwithstanding, there arises no conflict between individuals. Assuming that individual preferences are random, I here characterize collective choices in terms of the way in which individual preferences must co-vary in order to explain them. I do this by combining standard revealed preference theory and its counterpart under random preferences. I also argue that there exist collective choices that cannot be rationalized, and hence that the individual rationality assumption can be refuted.

Keywords: Revealed preference; random utility; collective choice; individual rationality (search for similar items in EconPapers)
JEL-codes: D12 D70 D74 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2004-11, Revised 2004-11
New Economics Papers: this item is included in nep-mic
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Related works:
Working Paper: Individually Rational Colective Choice Under Random Preferences (2003)
Working Paper: Individually Rational Collective Choice Under Random Preferences (2003)
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