Arrow''s impossibility theorem

Reference no: EM1365929

QUESTION 1

(a) Assess majority voting as a means of revealing and aggregating preferences of households. What are the problems associated with the majority voting equilibrium

(b) Evaluate the relevance and implications of the First and Second Fundamental Theorems of Welfare Economics for social choices

QUESTION 2

(a) Evaluate the assumptions and conclusions of Arrow's Impossibility Theorem and provide an assessment of both the result and its implications for social decision making

(b) Assess the application of Kaldor's compensation principle in resolving Pareto non-comparability and explain how the principle differs from the Hick's compensation principle. Appraise the problems and objections that might arise with reliance on this Kaldor's compensation principle as a basis for social choices

Reference no: EM1365929

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