Economics · Welfare Economics
The 'Independence of Irrelevant Alternatives' (IIA) criterion in Arrow's Impossibility Theorem states that:
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- 1The weighting of each voter's preferences must be independent of their income
- 2All social alternatives must have an equal probability of being chosen
- 3The social ranking of any two alternatives should depend only on individual preferences between those two, independent of other alternatives✓
- 4Voters should not consider extraneous external factors when making choices
Correct answer
The social ranking of any two alternatives should depend only on individual preferences between those two, independent of other alternatives
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