This paper aims to consider the meaning of the dismal theorem, as is presented by Professor Martin Weitzman. The theorem states that a standard cost–benefit analysis breaks down if there is a possibility of catastrophes occurring. This result has a significant influence on debates on the...

This unique book develops an operational approach to preference and rationality as the author employs operators over binary relations to capture the concept of rationality. A preference is a basis of individual behavior and social judgment and is mathematically regarded as a binary relation on...

Suzumura consistency is a necessary and sufficient condition for the existence of a weak-order extension. This paper provides some remarks on collective choice rules that generate Suzumura consistent social preferences. We examine the properties of such collective choice rules by introducing a...