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Social Choice And Individual Values
Kenneth Arrow's monograph ''Social Choice and Individual Values'' (1951, 2nd ed., 1963, 3rd ed., 2012) and a theorem within it created modern social choice theory, a rigorous melding of social ethics and voting theory with an economic flavor. Somewhat formally, the "social choice" in the title refers to Arrow's representation of how ''social values'' from the ''set of individual orderings'' would be implemented under the ''constitution''. Less formally, each social choice corresponds to the feasible set of laws passed by a "vote" (the set of orderings) under the constitution even if not every individual voted in favor of all the laws. The work culminated in what Arrow called the "General Possibility Theorem," better known thereafter as Arrow's (impossibility) theorem. The theorem states that, absent restrictions on either individual preferences or neutrality of the constitution to feasible alternatives, there exists no social choice rule that satisfies a set of plausible req ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Arrow
Kenneth Joseph Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. In economics, he was a major figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information. Education and early career Arrow was born on 23 August 1921, in New York City. Arrow's mother, Lilian (Greenberg), was from Iași, Romania, and his father, Harry Arrow, was from nearby Podu Iloaiei. The Arrow family were Romanian Jews. His family was very supportive of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Welfare Function
In welfare economics, a social welfare function is a function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifferent for every possible pair of social states. Inputs of the function include any variables considered to affect the economic welfare of a society. In using welfare measures of persons in the society as inputs, the social welfare function is individualistic in form. One use of a social welfare function is to represent prospective patterns of collective choice as to alternative social states. The social welfare function provides the government with a simple guideline for achieving the optimal distribution of income. The social welfare function is analogous to the consumer theory of indifference-curve–budget constraint tangency for an individual, except that the social welfare function is a mapping of individual preferences or judgments of everyone in the society as to collective choices, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Total Order
In mathematics, a total or linear order is a partial order in which any two elements are comparable. That is, a total order is a binary relation \leq on some set X, which satisfies the following for all a, b and c in X: # a \leq a ( reflexive). # If a \leq b and b \leq c then a \leq c ( transitive). # If a \leq b and b \leq a then a = b ( antisymmetric). # a \leq b or b \leq a (strongly connected, formerly called total). Total orders are sometimes also called simple, connex, or full orders. A set equipped with a total order is a totally ordered set; the terms simply ordered set, linearly ordered set, and loset are also used. The term ''chain'' is sometimes defined as a synonym of ''totally ordered set'', but refers generally to some sort of totally ordered subsets of a given partially ordered set. An extension of a given partial order to a total order is called a linear extension of that partial order. Strict and non-strict total orders A on a set X is a strict partia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Line (mathematics)
In geometry, a line is an infinitely long object with no width, depth, or curvature. Thus, lines are one-dimensional objects, though they may exist in two, three, or higher dimension spaces. The word ''line'' may also refer to a line segment in everyday life, which has two points to denote its ends. Lines can be referred by two points that lay on it (e.g., \overleftrightarrow) or by a single letter (e.g., \ell). Euclid described a line as "breadthless length" which "lies evenly with respect to the points on itself"; he introduced several postulates as basic unprovable properties from which he constructed all of geometry, which is now called Euclidean geometry to avoid confusion with other geometries which have been introduced since the end of the 19th century (such as non-Euclidean, projective and affine geometry). In modern mathematics, given the multitude of geometries, the concept of a line is closely tied to the way the geometry is described. For instance, in analyt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indifference Curve
In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is ''indifferent''. That is, any combinations of two products indicated by the curve will provide the consumer with equal levels of utility, and the consumer has no preference for one combination or bundle of goods over a different combination on the same curve. One can also refer to each point on the indifference curve as rendering the same level of utility (satisfaction) for the consumer. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer. Utility is then a device to represent preferences rather than something from which preferences come. The main use of indifference curves is in the representation of potentially observable demand patterns for individual consumers over commodity bundles. There are infinitely many indifference curves: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resource Allocation
In economics, resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets, or planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. Economics In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be improved without hurting that of another party. Strategic planning In strategic planning, resource allocation is a plan for using available resources, for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vector Space
In mathematics and physics, a vector space (also called a linear space) is a set whose elements, often called '' vectors'', may be added together and multiplied ("scaled") by numbers called ''scalars''. Scalars are often real numbers, but can be complex numbers or, more generally, elements of any field. The operations of vector addition and scalar multiplication must satisfy certain requirements, called ''vector axioms''. The terms real vector space and complex vector space are often used to specify the nature of the scalars: real coordinate space or complex coordinate space. Vector spaces generalize Euclidean vectors, which allow modeling of physical quantities, such as forces and velocity, that have not only a magnitude, but also a direction. The concept of vector spaces is fundamental for linear algebra, together with the concept of matrix, which allows computing in vector spaces. This provides a concise and synthetic way for manipulating and studying systems of linea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usuall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Categorical Imperative
The categorical imperative (german: kategorischer Imperativ) is the central philosophical concept in the deontological moral philosophy of Immanuel Kant. Introduced in Kant's 1785 '' Groundwork of the Metaphysic of Morals'', it is a way of evaluating motivations for action. It is best known in its original formulation: "Act only according to that maxim whereby you can, at the same time, will that it should become a universal law."It is standard to also reference the '' Akademie Ausgabe'' of Kant's works. The ''Groundwork'' occurs in the fourth volume. Citations throughout this article follow the format 4:x. For example, the above citation is taken from 4:421. According to Kant, sentient beings occupy a special place in creation, and morality can be summed up in an imperative, or ultimate commandment of reason, from which all duties and obligations derive. He defines an ''imperative'' as any proposition declaring a certain action (or inaction) to be necessary. Hypothetical imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Logrolling
Logrolling is the trading of favors, or ''quid pro quo'', such as vote trading by legislative members to obtain passage of actions of interest to each legislative member. In organizational analysis, it refers to a practice in which different organizations promote each other's agendas, each in the expectation that the other will reciprocate. In an academic context, the ''Nuttall Encyclopedia'' describes logrolling as "mutual praise by authors of each other's work". Where intricate tactics or strategy are involved, the process may be called horse trading. Concept and origin There are three types of logrolling: * Logrolling in direct democracies: a few individuals vote openly, and votes are easy to trade, rearrange, and observe. Direct democracy is pervasive in representative assemblies and small-government units * Implicit logrolling: large bodies of voters decide complex issues and trade votes without a formal vote trade (Buchanan and Tullock 1962) * Distributive logrolling: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Identity Of Indiscernibles
The identity of indiscernibles is an ontological principle that states that there cannot be separate objects or entities that have all their properties in common. That is, entities ''x'' and ''y'' are identical if every predicate possessed by ''x'' is also possessed by ''y'' and vice versa. It states that no two distinct things (such as snowflakes) can be exactly alike, but this is intended as a metaphysical principle rather than one of natural science. A related principle is the indiscernibility of identicals, discussed below. A form of the principle is attributed to the German philosopher Gottfried Wilhelm Leibniz. While some think that Leibniz's version of the principle is meant to be only the indiscernibility of identicals, others have interpreted it as the conjunction of the identity of indiscernibles and the indiscernibility of identicals (the converse principle). Because of its association with Leibniz, the indiscernibility of identicals is sometimes known as Leibniz's law. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Extended Sympathy
Extended sympathy in welfare economics refers to interpersonal value judgments of the form that social state ''x'' for person ''A'' is ranked better than, worse than, or as good as social state ''y'' for person ''B'' (Arrow, 1963, pp. 114–15). (For example: it would, perhaps, be preferable to lower a wealthy person's income in order to increase a poorer person's income by the same amount.) Here any characteristics that define each person (skills, aptitudes, etc.) are distinguished from the rest of the social state and put on a par with conventional measures of wealth insofar as they affect an extended sympathy judgment. In his seminal work on social choice theory, Kenneth Arrow (1963) mentions the ancient lineage of extended sympathy in ethical writings and its basic, if informal, character in many welfare judgments. Arrow's book itself (p. 9) uses individual preference orderings rather than real-valued measures of preferences. This excludes ''interpersonal comparisons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
