Showing 1 - 10 of 97
Arrow’s and the Gibbard-Satterthwaite theorems are proved using a common proof strategy based on a dictatorship result for choice functions. One of the instrumental results obtained shows the inconsistency between the basic assumption in each of these theorems and a mild majority principle.
Persistent link: https://www.econbiz.de/10005076577
In the very general setting of Armstrong (1980) for Arrow's Theorem, I show two results. First, in an infinite society, Anonymity is inconsistent with Unanimity and Independence if and only if a domain for social welfare functions satisfies a modest condition of richness. While Arrow's axioms...
Persistent link: https://www.econbiz.de/10005076586
Allocation rules map preference profiles into allocations, whereas trading rules map preference profiles and allocations into allocations. It is shown that no allocation rule can derive from a trading rule based on voluntary trade and satisfying a weak efficiency condition. If the trading rule...
Persistent link: https://www.econbiz.de/10005076596
It is known that, in Condorcet’s classical model of jury decisions, the proportion of jurors supporting a decision is not a significant indicator of that decision’s reliability: the probability that a particular majority decision is correct given the size of the majority depends only on the...
Persistent link: https://www.econbiz.de/10005076620
Applying Weglorz' models of set theory without the axiom of choice, we investigate Arrow-type social welfare functions for infinite societies with restricted coalition algebras. We show that there is a reasonable, nondictatorial social welfare function satisfying "finite discrimination", if and...
Persistent link: https://www.econbiz.de/10005076622
Market clearing is the central issue in macroeconomics. Two centuries of debate on Say’s Law indicates that the issue is not yet settled. This essay proposes that double coincidence is a necessary condition for market clearing, in addition to the equality of demand and supply at equilibrium...
Persistent link: https://www.econbiz.de/10005076719
For groups that must make several decisions of similar form, we define a simple and general mechanism that is designed to promote social efficiency. The mechanism links the various decisions by forcing agents to budget their representations of preferences so that the frequency of preferences...
Persistent link: https://www.econbiz.de/10005077065
This paper gives a concrete example of a nondictatorial, coalitionally strategyproof social choice function for countably infinite societies. The function is defined for those profiles such that for each alternative, the coalition that prefers it the most is gdescribable.h The gdescribableh...
Persistent link: https://www.econbiz.de/10005125912
We study the properties of decisions made by committees who select alternatives by constructing shortlists. We find that even when committees are themselves rational, such procedures may not give rise to rational choices. A necessary condition for this to occur is disagreement between...
Persistent link: https://www.econbiz.de/10005125914
A social welfare function for a denumerable society satisfies {Pairwise Computability} if for each pair (x, y) of alternatives, there exists an algorithm that can decide from any description of each profile on {x,y} whether the society prefers x to y. I prove that if a social welfare function...
Persistent link: https://www.econbiz.de/10005125935