Though Arrow Says It’s Impossible, It Happens Everyday
AbstractArrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social welfare. Thus though Arrow says it is impossible, it actually happens everyday and everywhere.
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Bibliographic InfoPaper provided by EconWPA in its series Microeconomics with number 0405008.
Length: 2 pages
Date of creation: 26 May 2004
Date of revision:
Note: Type of Document - pdf; pages: 2. An original concept of consistency of social preference to change social scineces in general. Dismisses Arrow.
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Social Choice; Collective Decision; Trade; Money; Arrow;
Find related papers by JEL classification:
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
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