Social choice theory

Social choice theory or social choice is a branch of welfare economics that studies the processes of collective decision-making.[1] Social choice incorporates insights from economics, mathematics, and game theory to find the best ways to combine individual opinions, preferences, or beliefs into a single coherent measure of the quality of different outcomes, called a social welfare function.[2][3] Social choice theory includes the closely-related field of voting theory,[4][5][6] and is strongly tied to the field of mechanism design, which can be thought of as the combination of social choice with game theory.

Whereas decision theory is concerned with individuals making choices based on their preferences, social choice theory is concerned with groups making decisions, based on the preferences of individuals. Real-world examples include enacting laws under a constitution or voting, where individual preferences over candidates are collected to elect a person that best represents the group's preferences.[4]

  1. ^ Amartya Sen (2008). "Social Choice,". The New Palgrave Dictionary of Economics, 2nd Edition, Abstract & TOC.
  2. ^ For example, in Kenneth J. Arrow (1951). Social Choice and Individual Values, New York: Wiley, ch. II, section 2, A Notation for Preferences and Choice, and ch. III, "The Social Welfare Function".
  3. ^ Fishburn, Peter C. (1974). "Social Choice Functions". SIAM Review. 16: 63–90. doi:10.1137/1016005.
  4. ^ a b Zwicker, William S.; Moulin, Herve (2016), Brandt, Felix; Conitzer, Vincent; Endriss, Ulle; Lang, Jerome (eds.), "Introduction to the Theory of Voting", Handbook of Computational Social Choice, Cambridge: Cambridge University Press, pp. 23–56, doi:10.1017/cbo9781107446984.003, ISBN 978-1-107-44698-4, retrieved 2021-12-24
  5. ^ Nurmi, Hannu (2010), Rios Insua, David; French, Simon (eds.), "Voting Theory", e-Democracy: A Group Decision and Negotiation Perspective, Dordrecht: Springer Netherlands, pp. 101–123, doi:10.1007/978-90-481-9045-4_7, ISBN 978-90-481-9045-4, retrieved 2024-06-20
  6. ^ Coughlin, Peter J. (1992-10-30). Probabilistic Voting Theory. Cambridge University Press. ISBN 978-0-521-36052-4.

© MMXXIII Rich X Search. We shall prevail. All rights reserved. Rich X Search