Economics · Welfare Economics
The proof that a social welfare function aggregating individual preferences under democratic voting rules cannot exist without violating basic rationality conditions is known as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Scitovsky Paradox
- 2Kaldor-Hicks Compensation Criterion
- 3Arrow's Impossibility Theorem✓
- 4Theory of Second Best
Correct answer
Arrow's Impossibility Theorem
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