From Arrow's Theorem to Incentives and Price Dynamics
DG Saari - Electronic Notes in Discrete Mathematics, 1999 - Elsevier
Arrow's impossibility theorem has served as a dominant result within the social sciences for
the last half-century. But, does it mean what we thought it did? Does it really require a
dictator, or are there alternative, more benign interpretations? By developing an alternative
interpretation, we discover that Arrow's result has interesting implications in a variety of
topics ranging from the free rider problem of economics, incentives, and even an
explanation for the chaotic behavior of price dynamics.
the last half-century. But, does it mean what we thought it did? Does it really require a
dictator, or are there alternative, more benign interpretations? By developing an alternative
interpretation, we discover that Arrow's result has interesting implications in a variety of
topics ranging from the free rider problem of economics, incentives, and even an
explanation for the chaotic behavior of price dynamics.
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