Economics, Econometrics and Finance
4 years ago

New Impossibility Theorem Reveals Limits of Social Choice Correspondences

RePEc: Research Papers in Economics
A Unifying Impossibility Theorem
Priscilla Man, Shino Takayama

Paper Summary

The article discusses how social choices are made when there are many options. They found that when there are more than three choices, the only way to make fair decisions is by letting one person decide for everyone. This means that no matter what, one person's preferences will always be the final choice. This idea connects to other well-known theories about impossible choices in society.

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