Arrow's Impossibility Theorem: Preference Diversity in a Single-Profile World
AbstractIn this paper we provide two simple new versions of Arrow’s impossibility theorem, in a model with only one preference profile. Both versions are transparent, requiring minimal mathematical sophistication. The first version assumes there are only two people in society, whose preferences are being aggregated; the second version assumes two or more people. Both theorems rely on assumptions about diversity of preferences, and we explore alternative notions of diversity at some length. Our first theorem also uses a neutrality assumption, commonly used in the literature; our second theorem uses a neutrality/monotonicity assumption, which is stronger and less commonly used. We provide examples to illustrate our points.
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Bibliographic InfoPaper provided by Brown University, Department of Economics in its series Working Papers with number 2008-8.
Date of creation: 2008
Date of revision:
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Postal: Department of Economics, Brown University, Providence, RI 02912
Arrow's Theorem; single-profile;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-10-21 (All new papers)
- NEP-CDM-2008-10-21 (Collective Decision-Making)
- NEP-HPE-2008-10-21 (History & Philosophy of Economics)
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