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Preference of Social Choice in Mathematical Economics

Author

Listed:
  • Jamal Nazrul Islam
  • Haradhan Kumar Mohajan

    (Premier University, Chittagong, Bangladesh.)

  • Pahlaj Moolio

    (Pannasastra University of Cambodia, Phnom Penh, Cambodia.)

Abstract

Mathematical Economics is closely related with Social Choice Theory. In this paper, an attempt has been made to show this relation by introducing utility functions, preference relations and Arrow’s impossibility theorem with easier mathematical calculations. The paper begins with some definitions which are easy but will be helpful to those who are new in this field. The preference relations will give idea in individual’s and social choices according to their budget. Economists want to create maximum utility in society and the paper indicates how the maximum utility can be obtained. Arrow’s theorem indicates that the aggregate of individuals’ preferences will not satisfy transitivity, indifference to irrelevant alternatives and non-dictatorship simultaneously so that one of the individuals becomes a dictator. The Combinatorial and Geometrical approach facilitate understanding of Arrow’s theorem in an elegant manner.

Suggested Citation

  • Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Preference of Social Choice in Mathematical Economics," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 3(1), pages 18-38, June.
    • Handle: RePEc:iih:journl:v:3:y:2009:i:1:p:18-38
    as

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    File URL: http://indus.edu.pk/RePEc/iih/journl/3-preferences.pdf
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    References listed on IDEAS

    as
    1. Miller, Michael K., 2009. "Social choice theory without Pareto: The pivotal voter approach," Mathematical Social Sciences, Elsevier, vol. 58(2), pages 251-255, September.
    2. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Preference of Social Choice in Mathematical Economics," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 3(1), pages 18-38, June.
    3. Myerson, Roger B., 2013. "Fundamentals of Social Choice Theory," Quarterly Journal of Political Science, now publishers, vol. 8(3), pages 305-337, June.
    4. Barbera, Salvador, 1980. "Pivotal voters : A new proof of arrow's theorem," Economics Letters, Elsevier, vol. 6(1), pages 13-16.
    5. Allan M Feldman & Roberto Serrano, 2007. "Arrow's Impossibility Theorem: Preference Diversity in a Single-Profile World," Working Papers 2007-12, Brown University, Department of Economics.
    6. Cassels,J. W. S., 1981. "Economics for Mathematicians," Cambridge Books, Cambridge University Press, number 9780521286145, January.
    7. Luis Ubeda, 2003. "Neutrality in arrow and other impossibility theorems," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 23(1), pages 195-204, December.
    8. Sato, Shin, 2009. "Strategy-proof social choice with exogenous indifference classes," Mathematical Social Sciences, Elsevier, vol. 57(1), pages 48-57, January.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. repec:ksb:journl:v:4:y:2011:i:1:p:116-128 is not listed on IDEAS
    2. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Political Economy and Social Welfare with Voting Procedure," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 2, pages 42-66, December.
    3. Jamal NazrulIslam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2011. "Output Maximization Subject to a Nonlinear Constraint," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 116-128, December.
    4. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Preference of Social Choice in Mathematical Economics," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 3(1), pages 18-38, June.
    5. Haradhan Kumar Mohajan, 2017. "Analysis of Reciprocity and Substitution Theorems, and Slutsky Equation," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 2(3), pages 54-75, March.
    6. repec:ksb:journl:v:2:y:2009:i:1:p:42-66 is not listed on IDEAS

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    More about this item

    Keywords

    Utility Function; Preference Relation; Indifference Hypersurface; Social Choice; Arrow’s Theorem.;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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