Originally published in 1951, "Social Choice and Individual Values" introduced "Arrow's Impossibility Theorem" and founded the field of social choice theory in economics and political science. This new edition, including a new preface by the author and a new foreword by Nobel laureate Eric Maskin, r[...]
This study comes to grips with the industrial outranking problem, one of the major outstanding problems of current operations research and managerial decision-making. The problem, simply stated, is this: given a large but finite set of criteria, and a large but finite number of alternatives, how can[...]
"The Handbook of Social Choice and Welfare" presents, in two volumes, essays on past and on-going work in social choice theory and welfare economics. The first volume consists of four parts. In Part 1 (Arrovian Impossibility Theorems), various aspects of Arrovian general impossibility theorems, illu[...]
Moral hazard--the tendency to change behavior when the cost of that behavior will be borne by others--is a particularly tricky question when considering health care. Kenneth J. Arrow's seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral[...]