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 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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THEMA Working Papers
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- Marc Fleurbaey, 2000. "Choix social : une difficulté et de multiples possibilités," Revue économique, Presses de Sciences-Po, vol. 0(5), pages 1215-1232.
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