Warning: Undefined array key "visitor_referer_type" in /var/www/vhosts/wordinf.com/core/app/libraries/Core.php on line 98 Hal Varian - Arrow's Impossibility Theorem is quite...
Arrow's Impossibility Theorem is quite surprising. It shows that three very plausible and desirable features of a social decision mechanism are inconsistent with democracy: there is no "perfect” way to make social decisions. There is no perfect way to "aggregate” individual preferences to make one social preference. If we want to find a way to aggregate individual preferences to form social preferences, we will have to give up one of the properties of a social decision mechanism described in Arrow's theorem.