The central formula in asset pricing relates the price of an Arrow-Debreu security to an investor's preferences and beliefs: Price of an Arrow-Debreu security = Preferences Beliefs. We observe the prices of Arrow-Debreu securities in the option markets. But we do not directly observe the extent...

In this paper we provide Impossibility Theorems for social welfare functionals. We adapt the method of proving the inevitability of dictatorial Bergson-Samuelson social welfare functions for fixed utility profiles developed in a paper by Robert P. Parks in 1976. With a little more from results...

This paper proposes a new formulation of the Borda rule in order to deal with the problem of cloning manipulation. This new Borda voting specification will be named: Dynamic Borda Voting (DBV) and it satisfies Arrow's IIA condition. The calculations, propositions with proof and explanations are...