Though Arrow Says It’s Impossible, It Happens Everyday

Preprint OPEN
Mohammad Gani;
(2004)
  • Subject: Social Choice, Collective Decision, Trade, Money, Arrow
    • jel: jel:F11 | jel:D70

Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange ... View more
  • References (2)

    Arrow, Kenneth J: (1951): 'Social Choice and Individual Values', New York: John Wiley & Sons.

    Gani, Mohammad. (2003): “Foundations of Economic Science”, Dhaka: Scholars. Available from at http://www.amazon.com/exec/obidos/ASIN/984320655x

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