For each description in the following table, identify the property of a desirable voting system it portrays. Independence of Irrelevant Alternatives No Description Unanimity Transitivity Dictators If everyone prefers B to A, then B beats A. There is no person who always gets what he wants, despite everyone else's preferences If B beats A, and A beats C, then B beats C. The ranking between C and A does not depend on whether B is also available. Consider the following voting system:
For each description in the following table, identify the property of a desirable voting system it portrays. Independence of Irrelevant Alternatives No Description Unanimity Transitivity Dictators If everyone prefers B to A, then B beats A. There is no person who always gets what he wants, despite everyone else's preferences If B beats A, and A beats C, then B beats C. The ranking between C and A does not depend on whether B is also available. Consider the following voting system:
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter22: Frontiers Of Microeconomics
Section: Chapter Questions
Problem 7PA
Related questions
Question
Arrow's impossibility theorem states that under certain assumptions about preferences, no voting system exists that satisfies all of the following properties:
• | Unanimity |
• | Transitivity |
• | Independence of irrelevant alternatives |
• | No dictators |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning