25.4 Suppose seven individuals constitute a society in which individuals cast votes for their most preferred social
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25.4 Suppose seven individuals constitute a society in which individuals cast votes for their most preferred social arrangement and that the arrangement with the greatest number of votes is always chosen. Devise an example of individual rankings of the three states A, B, and Csuch that state A is chosen when all three states are available but that state B is chosen if the "irrelevant" alternative Cis not available. (This amounts to showing that the constitution of this society does not obey Axiom 4 in Arrow's list.) How reasonable is your example? What does it indicate about the nature of Arrow's axiom?
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Microeconomic Theory Basic Principles And Extensions
ISBN: 9780030335938
8th Edition
Authors: Walter Nicholson
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