Arrow's Axioms Free Essay, Term Paper and Book Report
Arrows Axioms
In 1951, Kenneth Arrow published Social Choice and Individual Values, which contained a theorem that was very controversial at the time, but later proved to be an important part of what we now consider democracy. The essence of Arrows theorem is that no method of amalgamating individual judgements can simultaneously satisfy some reasonable conditions of fairness on the method and a condition of logicality on te result. Also known as the General Possibility Theorem, simply stated begins with the idea that each individual has his own set preferences, listed in an order fit to suit him. The problem then presented is, within a group of individuals, how can you reach a combined list of preferences that will satisfy all parties. As proved by this theorem, there is no way to do so. Arrow provides a list of six criteria as follows: universality, monotonicity, nonimposition, unanimity, non-dictatorship, and independence of irrelevant alternatives. Although each presents an important idea, there is no way to satisfy all six of the criteria simultaneously, which le......
Word Count: 1057
Page Count: 4.2 (250 words a page / double spaced)
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