Arrow's impossibility theorem: Difference between revisions
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(Linked to Kenneth Arrow on this wiki, and did some copyediting of the summary, breaking it up into the lead paragraphs, the #Summary section, and the #Notes section) |
(→Notes: Linking directly to Pareto efficiency) |
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== Notes == |
== Notes == |
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Another version of Arrow’s theorem can be obtained by replacing the monotonicity criterion with that of: |
Another version of Arrow’s theorem can be obtained by replacing the monotonicity criterion with that of: |
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* '''unanimity''' or '''[[ |
* '''unanimity''' or '''[[Pareto efficiency]]''': if every individual prefers a certain option to another, then so must the resulting societal preference order. |
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This statement is stronger, because assuming both monotonicity and independence of irrelevant alternatives implies Pareto efficiency. |
This statement is stronger, because assuming both monotonicity and independence of irrelevant alternatives implies Pareto efficiency. |
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