Publisher Summary This chapter discusses the social choice theory. There is social choice
problems, which deals with methods of marshalling information, particularly those relating to …

Econometric modelling of choice now constitutes a major cross-over between multiple fields
of research in which quantitative valuation of human preferences is of interest. The methods …

In his Mathematical Psychics, published in i88i, Edgeworth asserted that" the first principle of
Economics is that every agent is actuated only by self-interest."'1 This view of man has been …

“A camel,” it has been said,“is a horse designed by a committee.” This might sound like a
telling example of the terrible deficiencies of committee decisions, but it is really much too …

The act of choosing can have particular relevance in maximizing behavior for at least two
distinct reasons:(1) process significance (preferences may be sensitive to the choice …

The choice of behavioral assumptions in economics tends to pull us in two different—
sometimes contrary—directions. The demands of tractability can conflict with those of …

This book presents an exploration of the idea of the common or social good, extended so
that alternatives with different populations can be ranked. Basing rankings on the well-being …

Left freely to themselves, a group of rational individuals often fail to cooperate even when
the product of social cooperation is beneficial to all. Hence, the author argues, a rule of …

The utility maximization paradigm forms the basis of many economic, psychological,
cognitive and behavioral models. However, numerous examples have revealed the …

Ever since the so-called paradox of voting was generalized by Arrow (1963) to every
democratic method of collective decision-making, a vast literature has appeared (a) trying to …