Abstract

In this paper I consider the following problem: there is a collection of exogenously given socially feasible sets, and for each one of them, each one of a group of individuals chooses from an individually feasible set. The fact that the product of the individually feasible sets is larger than the socially feasible set notwithstanding, there arises no conflict between individuals. Assuming that individual preferences are random, I here characterize collective choices in terms of the way in which individual preferences must co-vary in order to explain them. I do this by combining standard revealed preference theory and its counterpart under random preferences. I also argue that there exist collective choices that cannot be rationalized, and hence that the individual rationality assumption can be refuted.

Full Text
Paper version not known

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call

Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.