Fuzzy set theory has been explicitly introduced to deal with vagueness and ambiguity. One can also use probability theory or techniques borrowed from philosophical logic. In this chapter, we consider fuzzy preferences and we survey the literature on aggregation of fuzzy preferences. We restrict...

This chapter presents a simple introduction to the main results in topological social choice theory. Given a continuous social welfare function, these results show the following: (i) Unanimity and Anonymity are incompatible; (ii) Weak Pareto and No Veto are incompatible; and (iii) Weak Pareto...

The Competitive Industrial Performance index (developed by experts of the UNIDO) is designed as a measure of national competitiveness. Index is an aggregate of eight observable variables, representing different dimensions of competitive industrial performance. Instead of using a cardinal...

The objective of this note is to revisit the meaningfulness of the Condorcet Jury Theorem (CJT) and apply it to the recent debate on liberal paternalism and consumer protection. The CJT con-sists of two parts, (a) stating that a jury of experts is always more competent than a single expert given...

Amartya Sen’s impossibility of a Paretian liberal underscores the trade-off between two widely applied social principles—liberalism and Pareto-optimality: “If someone does have certain liberal values, then he [or she] may have to eschew his [or her] adherence to Pareto optimality” (Sen...

The assumption that payoff-relevant information is observable but not verifiable is important for many core results in contract, organizational and institutional economics. However, subgame-perfect implementation (SPI) mechanisms - which are based on off-equilibrium arbitration clauses that...

The assumption that payoff-relevant information is observable but not verifiable is important for many core results in contract, organizational and institutional economics. However, subgame-perfect implementation (SPI) mechanisms - which are based on off-equilibrium arbitration clauses that...

The assumption that payoff-relevant information is observable but not verifiable is important for many core results in contract, organizational and institutional economics. However, subgame-perfect implementation (SPI) mechanisms - which are based on off- equilibrium arbitration clauses that...

Standard economics omits the role of narratives (the stories that people tell themselves and others) when they make all kinds of decisions. Narratives play a role in understanding the environment; focusing attention; predicting events; motivating action; assigning social roles and identities;...

Standard economics omits the role of narratives (the stories that people tell themselves and others) when they make all kinds of decisions. Narratives play a role in understanding the environment; focusing attention; predicting events; motivating action; assigning social roles and identities;...