Though Arrow Says It’s Impossible, It Happens Everyday

Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social welfare. Thus though Arrow says it is impossible, it actually happens everyday and everywhere.

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Year of publication:	2004-05-26
Authors:	Gani, Mohammad
Institutions:	EconWPA
Subject:	Social Choice \| Collective Decision \| Trade \| Money \| Arrow

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Extent:	application/pdf
Series:	Microeconomics.
Type of publication:	Book / Working Paper
Notes:	Type of Document - pdf; pages: 2. An original concept of consistency of social preference to change social scineces in general. Dismisses Arrow. 2 pages
Classification:	D70 - Analysis of Collective Decision-Making. General ; F11 - Neoclassical Models of Trade
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005135127