Abstract: This paper considers the consistency of Arrow's axioms in the choice-theoretic version of his impossibility theorem when natural economic restrictions are placed on individual preferences and on the admissible feasible sets. Both pure public goods and pure private goods environments are considered. It is demonstrated that a social choice correspondence exists that satisfies weak Pareto, independence of infeasible alternatives, nondictatorship, and Arrow's choice axiom on these restricted domains. However, a strengthened version of the independence axiom is shown to result in impossibility theorems.
Publication Year: 1988
Publication Date: 1988-12-01
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 38
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot