Examlex
Which of the following is TRUE?
Individual Preferences
The personal likes or dislikes of an individual, which influence their decisions and behavior.
Social Preferences
Social Preferences indicate how individuals’ decision-making is influenced by the welfare of others, beyond self-interest.
Transitivity
In decision theory, the principle that if option A is preferred over B, and B is preferred over C, then A should be preferred over C.
Arrow's Impossibility Theorem
A theory indicating it is impossible to formulate a social preference ordering that satisfies all of a specific set of reasonable criteria when voters have three or more options.
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