Competitive Market Mechanisms as Social Choice Procedures
نویسنده
چکیده
Social choice theory concerns itself with the proper choice of a social state from a given feasible set of social states. The main question the theory addresses is how that social choice should depend on the profile of individual preferences. Early work by Arrow and various predecessors, including Condorcet, Borda, Dodgson and Black, was about the construction of a social preference ordering — i.e., a binary relation of weak preference that is complete and transitive. Later, Sen (1971, 1982, 1986) in particular initiated an investigation of more general social choice rules (SCRs) which may not maximize any binary relation, even one that may not be complete or transitive.
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