The question addressed in this paper is the order of magnitude of the difference between the Borda rule and any given social choice function. In this paper, a simple measure of the difference between the Borda rule and any given social choice function is proposed. It is given by the ratio of the...

Expected utility theory, the most prominent economic model of how individuals choose among alternative rists, exhibits serious deficiencies in describing empirically observed behavior. Consequently, economists are actively searching for a new paradigm to describe behavior under risk. Their...