Arrow theorems in mixed goods, stochastic, and dynamic economic environments
✍ Scribed by James Redekop
- Book ID
- 104652894
- Publisher
- Springer
- Year
- 1996
- Tongue
- English
- Weight
- 975 KB
- Volume
- 13
- Category
- Article
- ISSN
- 0176-1714
No coin nor oath required. For personal study only.
✦ Synopsis
The original Arrow Theorem and many variants were stated with the Universal Domain assumption; but in economic situations, natural assumptions like monotonicity restrict the domain so that the Theorem does not apply. Since 1979, several authors have proved Arrow-type impossibility results in situations such as models with public goods or private goods; and a few have considered mixed-goods or stochastic alternatives models. This paper has similar results in models with mixed-goods, stochastic, and dynamic alternatives; the objects of preference can have any two features or all three. With suitable qualifications, the impossibility result continues to hold, as does the "Arrow-inconsistency of arbitrarily small domains" type of result I have established elsewhere.