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Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist. Along with John Hicks, he won the Nobel Memorial Prize in Economic Sciences in 1972.
Amartya Kumar Sen is an Indian economist and philosopher. Sen has taught and worked in the United Kingdom and the United States since 1972. In 1998, Sen received the Nobel Memorial Prize in Economic Sciences for his contributions to welfare economics. He has also made major scholarly contributions to social choice theory, economic and social justice, economic theories of famines, decision theory, development economics, public health, and the measures of well-being of countries.
James McGill Buchanan Jr. was an American economist known for his work on public choice theory originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962. He continued to develop the theory, eventually receiving the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.
Arrow's impossibility theorem is a key result in social choice showing that no order or rank-based social welfare function can produce a rational measure of society's well-being when there are more than two options. Specifically, any such rule violates independence of irrelevant alternatives: the principle that a choice between and should not depend on a third, unrelated option . Such a social welfare function can be any way for a group to make decisions, such as a market or a voting system.
A Theory of Justice is a 1971 work of political philosophy and ethics by the philosopher John Rawls (1921–2002) in which the author attempts to provide a moral theory alternative to utilitarianism and that addresses the problem of distributive justice . The theory uses an updated form of Kantian philosophy and a variant form of conventional social contract theory. Rawls's theory of justice is fully a political theory of justice as opposed to other forms of justice discussed in other disciplines and contexts.
The Gibbard–Satterthwaite theorem is a theorem in voting theory. It was first conjectured by the philosopher Michael Dummett and the mathematician Robin Farquharson in 1961 and then proved independently by the philosopher Allan Gibbard in 1973 and economist Mark Satterthwaite in 1975. It deals with deterministic ordinal electoral systems that choose a single winner, and shows that for every voting rule of this form, at least one of the following three things must hold:
- The rule is dictatorial, i.e. there exists a distinguished voter who can choose the winner; or
- The rule limits the possible outcomes to two alternatives only; or
- The rule is not straightforward, i.e. there is no single always-best strategy.
Sir Michael Anthony Eardley Dummett was an English academic described as "among the most significant British philosophers of the last century and a leading campaigner for racial tolerance and equality." He was, until 1992, Wykeham Professor of Logic at the University of Oxford. He wrote on the history of analytic philosophy, notably as an interpreter of Frege, and made original contributions particularly in the philosophies of mathematics, logic, language and metaphysics.
In philosophy, economics, and political science, the common good is either what is shared and beneficial for all or most members of a given community, or alternatively, what is achieved by citizenship, collective action, and active participation in the realm of politics and public service. The concept of the common good differs significantly among philosophical doctrines. Early conceptions of the common good were set out by Ancient Greek philosophers, including Aristotle and Plato. One understanding of the common good rooted in Aristotle's philosophy remains in common usage today, referring to what one contemporary scholar calls the "good proper to, and attainable only by, the community, yet individually shared by its members."
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, and attempts to assess the distribution of resources and opportunities among members of society.
Social choice theory or social choice is a branch of welfare economics that analyzes mechanisms and procedures for collective decision-making. 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.
Jon Elster is a Norwegian philosopher and political theorist who holds the Robert K. Merton professorship of Social Science at Columbia University.
Allan Fletcher Gibbard is the Richard B. Brandt Distinguished University Professor of Philosophy Emeritus at the University of Michigan, Ann Arbor. Gibbard has made major contributions to contemporary ethical theory, in particular metaethics, where he has developed a contemporary version of non-cognitivism. He has also published articles in the philosophy of language, metaphysics, and social choice theory: in social choice, he first proved the result known today as Gibbard-Satterthwaite theorem, which had been previously conjectured by Michael Dummett and Robin Farquharson.
Kenneth Arrow's monograph Social Choice and Individual Values and a theorem within it created modern social choice theory, a rigorous melding of social ethics and voting theory with an economic flavor. Somewhat formally, the "social choice" in the title refers to Arrow's representation of how social values from the set of individual orderings would be implemented under the constitution. Less formally, each social choice corresponds to the feasible set of laws passed by a "vote" under the constitution even if not every individual voted in favor of all the laws.
Economic justice is a component of social justice and welfare economics. It is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.."
Martin Vinzenz Baldur Paul Maria (Martin) van Hees is a Dutch philosopher.
Kotaro Suzumura was a Japanese economist and professor emeritus of Hitotsubashi University and Waseda University. He graduated from Hitotsubashi University in 1966. His research interests were in social choice theory and welfare economics. He was also a Fellow of the Econometric Society. He was named a Person of Cultural Merit in 2017.
Intensity of preference, also known as intensity preference, is a term popularized by the work of the economist Kenneth Arrow, who was a co-recipient of the 1972 Nobel Memorial Prize in Economics. This term is used in reference to models for aggregating ordinal rankings.
Rated voting refers to any electoral system which allows the voter to give each candidate an independent evaluation, typically a rating or grade. These are also referred to as cardinal, evaluative, or graded voting systems. Cardinal methods and ordinal methods are the two modern categories of voting systems.
Prasanta Kumar Pattanaik, is an Indian-American emeritus professor at the Department of Economics at the University of California. He is a Fellow of the Econometric Society.
Christian List is a German philosopher and political scientist who serves as professor of philosophy and decision theory at the Ludwig Maximilian University of Munich and co-director of the Munich Center for Mathematical Philosophy. He was previously professor of political science and philosophy at the London School of Economics. List's research interests relate to social choice theory, formal epistemology, political philosophy, and the philosophy of social science.