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Social welfare functions on restricted economic domains
- Source :
- Journal of Economic Theory. April, 1991, Vol. 53 Issue 2, p396, 32 p.
- Publication Year :
- 1991
-
Abstract
- In this paper we relax the unrestricted domain condition of Arrow's Impossibility Theorem to allow the consideration of domains of econimic preferences--i.e., continuous monotonic preferences on some positive orthant [R.sup.M.sub.+]. The impossibility result remains in effect after all but the most drastic reductions in the size of the domain, in the sense that any domain admitting an Arrow SWF must be nowhere dense in the usual topology on the set of admissible preference profiles.
Details
- ISSN :
- 00220531
- Volume :
- 53
- Issue :
- 2
- Database :
- Gale General OneFile
- Journal :
- Journal of Economic Theory
- Publication Type :
- Academic Journal
- Accession number :
- edsgcl.10692772