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Arrow's Impossibility Theorem is commonly understood to invoke a dictatorship that is somehow lurking within our voting arrangements. A well-recognized statement of the theorem is that "any constitution that respects transitivity, independence of irrelevant alternatives and unanimity is a...
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voting schemes. Design/methodology/approach - In this paper we analyze this problem from the viewpoint of decision theory …, the basic theory underlying all our activities – including economic ones. Findings - We show how from the first …-principles decision theory, we can extract explicit recommendations for group decision making. Originality/value - Most of the resulting …
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