Introduction -- Elementary Logic -- Sets, Relations, Functions -- Binary Relations -- Social Choice Theoretic Framework and Arrow Impossibility Theorem -- Some Important Value-Judgments, Rules and Theorems -- Implications of Weakening of Some of Arrow Conditions -- The Method of Majority...

This paper reports on recurring laboratory elections in which buyers and sellers choose institutional rules to govern a subsequent trading round. The bid auction (buyers propose prices), offer auction (sellers suggest prices) and double auction (both trader types initiate price quotes) make up...