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Preference of Social Choice in Mathematical Economics

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  • Jamal Nazrul Islam
  • Haradhan Kumar Mohajan

    ()
    (Premier University, Chittagong, Bangladesh.)

  • Pahlaj Moolio

    (Pannasastra University of Cambodia, Phnom Penh, Cambodia.)

Abstract

Mathematical 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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File URL: http://indus.edu.pk/RePEc/iih/journl/3-preferences.pdf
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Bibliographic Info

Article provided by Department of Business Administration in its journal Indus Journal of Management & Social Science (IJMSS).

Volume (Year): 3 (2009)
Issue (Month): 1 (June)
Pages: 18-38

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Handle: RePEc:iih:journl:v:3:y:2009:i:1:p:18-38

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Related research

Keywords: Utility Function; Preference Relation; Indifference Hypersurface; Social Choice; Arrow’s Theorem.;

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References

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  1. Miller, Michael K., 2009. "Social choice theory without Pareto: The pivotal voter approach," Mathematical Social Sciences, Elsevier, vol. 58(2), pages 251-255, September.
  2. Roberto Serrano & Allan M. Feldman, 2007. "Arrow’S Impossibility Theorem: Preference Diversity In A Single-Profile World," Working Papers wp2007_0710, CEMFI.
  3. Barbera, Salvador, 1980. "Pivotal voters : A new proof of arrow's theorem," Economics Letters, Elsevier, vol. 6(1), pages 13-16.
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Cited by:
  1. Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2009. "Political Economy and Social Welfare with Voting Procedure," MPRA Paper 50671, University Library of Munich, Germany, revised 25 Sep 2009.
  2. 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.
  3. repec:ksb:journl:v:4:y:2011:i:1:p:116-128 is not listed on IDEAS
  4. repec:ksb:journl:v:2:y:2009:i:1:p:42-66 is not listed on IDEAS

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