Preference of Social Choice in Mathematical Economics
AbstractMathematical Economics is closely related with Social Choice Theory. In this paper, an attempt has been made to show this relation by introducing utility functions, preference relations and Arrow’s impossibility theorem with easier mathematical calculations. The paper begins with some definitions which are easy but will be helpful to those who are new in this field. The preference relations will give idea in individual’s and social choices according to their budget. Economists want to create maximum utility in society and the paper indicates how the maximum utility can be obtained. Arrow’s theorem indicates that the aggregate of individuals’ preferences will not satisfy transitivity, indifference to irrelevant alternatives and non-dictatorship simultaneously so that one of the individuals becomes a dictator. The Combinatorial and Geometrical approach facilitate understanding of Arrow’s theorem in an elegant manner.
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Bibliographic InfoArticle provided by Department of Business Administration in its journal Indus Journal of Management & Social Science (IJMSS).
Volume (Year): 3 (2009)
Issue (Month): 1 (June)
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Utility Function; Preference Relation; Indifference Hypersurface; Social Choice; Arrow’s Theorem.;
Other versions of this item:
- Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2008. "Preference of Social Choice in Mathematical Economics," MPRA Paper 50665, University Library of Munich, Germany, revised 20 Nov 2009.
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
- D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Financing, Investment, and Capacity
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Miller, Michael K., 2009. "Social choice theory without Pareto: The pivotal voter approach," Mathematical Social Sciences, Elsevier, vol. 58(2), pages 251-255, September.
- Roberto Serrano & Allan M. Feldman, 2007.
"Arrow’S Impossibility Theorem: Preference Diversity In A Single-Profile World,"
- Allan M Feldman & Roberto Serrano, 2007. "Arrow's Impossibility Theorem: Preference Diversity in a Single-Profile World," Working Papers 2007-12, Brown University, Department of Economics.
- Barbera, Salvador, 1980. "Pivotal voters : A new proof of arrow's theorem," Economics Letters, Elsevier, vol. 6(1), pages 13-16.
- Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2009.
"Political Economy and Social Welfare with Voting Procedure,"
50671, University Library of Munich, Germany, revised 25 Sep 2009.
- Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Political Economy and Social Welfare with Voting Procedure," KASBIT Journal of Management & Social Science, Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 2, pages 42-66, December.
- Jamal NazrulIslam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2011.
"Output Maximization Subject to a Nonlinear Constraint,"
KASBIT Journal of Management & Social Science,
Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 116-128, December.
- Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2011. "Output Maximization Subject to a Nonlinear Constraint," MPRA Paper 50676, University Library of Munich, Germany, revised 08 Nov 2011.
- repec:ksb:journl:v:4:y:2011:i:1:p:116-128 is not listed on IDEAS
- repec:ksb:journl:v:2:y:2009:i:1:p:42-66 is not listed on IDEAS
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