Informational Requirements for Social Choice in Economic Environments
AbstractArrow's celebrated theorem shows that the aggregation of individuals' preferences into a social ordering cannot make the ranking of any pair of alternatives depend only on individuals' preferences over that pair, unless the fundamental Pareto and non-dictatorship principles are violated. In a unified approach covering the theory of social choice and the theory of fair allocation, we investigate how much information is needed to rank a pair of allocations by social ordering functions and by allocation rules satisfying the Pareto principle and anonymity. In the standard model of division of commodities, we show that knowledge of a good portion of indifference hypersurfaces is needed for social ordering functions, whereas allocation rules require only knowledge of marginal rates of substitution.
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Bibliographic InfoPaper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2000-07.
Length: 32 p.
Date of creation: Nov 2000
Date of revision:
Other versions of this item:
- Fleurbaey, Marc & Suzumura, Kotaro & Tadenuma, Koichi, 2000. "Informational Requirements for Social Choice in Economic Environments," Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 2, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
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