The most widely used economic models of social preferences are specified only for certain outcomes. There are two obvious methods of extending them to lotteries. If we do so by expected utility theory, so that the independence axiom is satisfied, our results imply that the resulting preferences...

Arrow's Theorem holds that no constitution can satisfy certain properties. In annex to that theorem, Arrow claims that those properties are reasonable and morally desirable. In his view there thus is the difficulty that people desire a constitution that cannot exist. While the Theorem stands as...

In the article it is called the universality of the ordinal theory of social choice in question. It is shown that a voting exists that cannot be described on the base of ordinal theory, and to describe it the cardinal point of view is demanded. In absence of cardinal formalization of basic...