Kenneth Arrow Proved That the Voting System That Satisfied All

question 131

Multiple Choice

Kenneth Arrow proved that the voting system that satisfied all of the properties of his "perfect" voting system was

• A)one in which a single person (a "dictator") imposes his preferences on everyone else.
• B)pairwise majority voting.
• C)majority voting that is not pairwise.
• D)None of the above is correct. Arrow proved that no voting system can satisfy all of the properties of his "perfect" system.

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Definitions:

Pareto Efficient

A distribution of resources where improving the situation of one person cannot be achieved without detriment to another.

Net Benefit

The total positive effects or outcomes of a decision or action minus its total negative effects or costs.

Labor Supply Decisions

The choices individuals make regarding how much labor to supply to the market, influenced by factors such as wages, working conditions, and personal preferences.

Pareto Optimal

A distribution of resources where it's infeasible to enhance the well-being of one individual without adversely affecting another.