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Arrovian aggregation in economic environments: how much should we know about indifference surfaces?

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  • Fleurbaey, Marc
  • Suzumura, Kotaro
  • Tadenuma, Koichi

Abstract

Arrow's celebrated theorem of social choice shows that the aggregation of individual preferences into a social ordering cannot make the ranking of any pair of alternatives depend only on individual preferences over that pair, unless the fundamental weak Pareto and nondictatorship principles are violated. In the standard model of division of commodities, we investigate how much information about indifference hypersurfaces is needed to construct social ordering functions satisfying the weak Pareto principle and anonymity. We show that local information such as marginal rates of substitution or the shapes "within the Edgeworth box" is not enough, and knowledge of substantially non-local information is necessary.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 124 (2005)
Issue (Month): 1 (September)
Pages: 22-44

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Handle: RePEc:eee:jetheo:v:124:y:2005:i:1:p:22-44

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Web page: http://www.elsevier.com/locate/inca/622869

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  1. Chichilnisky, G, 1996. "A Unified perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," Discussion Papers 1996_29, Columbia University, Department of Economics.
  2. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328.
  3. Bordes, Georges & Breton, Michel Le, 1989. "Arrovian theorems with private alternatives domains and selfish individuals," Journal of Economic Theory, Elsevier, vol. 47(2), pages 257-281, April.
  4. M. Fleurbaey & F. Maniquet, 2008. "Fair social orderings," Economic Theory, Springer, vol. 34(1), pages 25-45, January.
  5. d'ASPREMONT, Claude & GEVERS, Louis, . "Equity and the informational basis of collective choice," CORE Discussion Papers RP -350, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Dirk Van de gaer & Marc Fleurbaey & Walter Bossert, 1999. "Responsibility, talent, and compensation: A second-best analysis," Review of Economic Design, Springer, vol. 4(1), pages 35-55.
  7. M. Fleurbaey & F. Maniquet, 2000. "Fair Social Orderings With Unequal Production Skills," THEMA Working Papers 2000-17, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
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