Examlex
What is the term for the series of stages in which consumers' attitudes and behavioural tendencies change over time?
Impossibility Theorem
A proposition demonstrated by Kenneth Arrow showing that no system of aggregating individual preferences into social decisions will always yield consistent, nonarbitrary results.
Voting Paradox
A simple demonstration of how majority-rule voting can lead to seemingly contradictory and inconsistent results. A commonly cited illustration of the kind of inconsistency described in the impossibility theorem.
Social Choice
The problem of deciding what society wants. The process of adding up individual preferences to make a choice for society as a whole.
Estate
The property that a person owns at the time of his or her death.
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