Arrow’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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Publisher Info
Paper provided by EconWPA in its series Microeconomics with number
0405008.
Length: 2 pages Date of creation: 26 May 2004 Date of revision: Handle: RePEc:wpa:wuwpmi:0405008
Note: Type of Document - pdf; pages: 2. An original concept of consistency of social preference to change social scineces in general. Dismisses Arrow. Contact details of provider: Web page: http://129.3.20.41
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