Though Arrow Says It’s Impossible, It Happens Everyday
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.
|Date of creation:||26 May 2004|
|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://econwpa.repec.org|
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