Social Choice and Individual Values (Cowles Foundation Monographs Series Book 12)

Originally published in 1951, __Social Choice and Individual Values__ introduced “Arrow’s Impossibility Theorem” and founded the field of social choice theory in economics and political science. This new edition, including a new foreword by Nobel laureate Eric Maskin, reintroduces Arrow’s seminal book to a new generation of students and researchers. "Far beyond a classic, this small book unleashed the ongoing explosion of interest in social choice and voting theory. A half-century later, the book remains full of profound insight: its central message, ‘Arrow’s Theorem,’ has changed the way we think.”—Donald G. Saari, author of __Decisions and Elections: Explaining the Unexpected__

Originally published in 1951, Social Choice and Individual Values introduced “Arrow’s Impossibility Theorem” and founded the field of social choice theory in economics and political science. This new edition, including a new foreword by Nobel laureate Eric Maskin, reintroduces Arrow’s seminal book to a new generation of students and researchers.

"Far beyond a classic, this small book unleashed the ongoing explosion of interest in social choice and voting theory. A half-century later, the book remains full of profound insight: its central message, ‘Arrow’s Theorem,’ has changed the way we think.”—Donald G. Saari, author of Decisions and Elections: Explaining the Unexpected

FOREWORD TO THE THIRD EDITION 5 PREFACE TO SECOND EDITION 13 ACKNOWLEDGMENTS 15 CONTENTS 17 I. INTRODUCTION 19 II. THE NATURE OF PREFERENCE AND CHOICE 27 III. THE SOCIAL WELFARE FUNCTION 40 IV. THE COMPENSATION PRINCIPLE 52 V. THE GENERAL POSSIBILITY THEOREM FOR SOCIAL WELFARE FUNCTIONS 64 VI. THE INDIVIDUALISTIC ASSUMPTIONS 79 VII. SIMILARITY AS THE BASIS OF SOCIAL WELFARE JUDGMENTS 92 VIII. NOTES ON THE THEORY OF SOCIAL CHOICE, 92 1963 110 INDEX 139 "Originally published in 1951, Social Choice and Individual Values introduced "Arrow's Impossibility Theorem" and founded the field of social choice theory in economics and political science. This new edition, including a new foreword by Nobel laureate Eric Maskin, reintroduces Arrow's seminal book to a new generation of students and researchers."--Provided by publisher Introduces Arrow's Impossibility Theorem and founded the field of social choice theory in economics and political science.