Social Choice and Individual Values

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The book presents Kenneth Arrow's groundbreaking work that established modern social choice theory, integrating social ethics with voting and economic principles. Central to this study is the "General Possibility Theorem," also known as Arrow's impossibility theorem, which asserts that no social choice rule can meet certain reasonable criteria without imposing restrictions on individual preferences or the neutrality of alternatives. This work expands on the voting paradox, illustrating the potential instability of majority voting outcomes.