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Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.
Amartya Kumar Sen is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, decision theory, development economics, public health, and measures of well-being of countries.
Arrow's impossibility theorem, the general possibility theorem or Arrow's paradox is an impossibility theorem in social choice theory that states that when voters have three or more distinct alternatives (options), no ranked voting electoral system can convert the ranked preferences of individuals into a community-wide ranking while also meeting the specified set of criteria: unrestricted domain, non-dictatorship, Pareto efficiency, and independence of irrelevant alternatives. The theorem is often cited in discussions of voting theory as it is further interpreted by the Gibbard–Satterthwaite theorem. The theorem is named after economist and Nobel laureate Kenneth Arrow, who demonstrated the theorem in his doctoral thesis and popularized it in his 1951 book Social Choice and Individual Values. The original paper was titled "A Difficulty in the Concept of Social Welfare".
In welfare economics, a social welfare function is a function that ranks social states as less desirable, more desirable, or indifferent for every possible pair of social states. Inputs of the function include any variables considered to affect the economic welfare of a society. In using welfare measures of persons in the society as inputs, the social welfare function is individualistic in form. One use of a social welfare function is to represent prospective patterns of collective choice as to alternative social states. The social welfare function provides the government with a simple guideline for achieving the optimal distribution of income.
Normative economics is the part of economics that deals with normative statements. It focuses on the idea of fairness and what the outcome of the economy or goals of public policy ought to be.
Philosophy and economics studies topics such as public economics, behavioural economics, rationality, justice, history of economic thought, rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them.
Social choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a collective decision or social welfare in some sense. Whereas choice theory is concerned with individuals making choices based on their preferences, social choice theory is concerned with how to translate the preferences of individuals into the preferences of a group. A non-theoretical example of a collective decision is enacting a law or set of laws under a constitution. Another example is voting, where individual preferences over candidates are collected to elect a person that best represents the group's preferences.
David Schmidtz is a Canadian-American philosopher. He is Presidential Chair of Moral Science at West Virginia University's Chambers College of Business and Economics. He is also editor-in-chief of the journal Social Philosophy & Policy. Previously, he was Kendrick Professor of Philosophy and Eller Chair of Service-Dominant Logic at the University of Arizona. While at Arizona, he founded and served as inaugural head of the Department of Political Economy and Moral Science.
Freedom of choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.
The capability approach is a normative approach to human welfare that concentrates on the actual capability of persons to achieve lives they value rather than solely having a right or freedom to do so. It was conceived in the 1980s as an alternative approach to welfare economics.
Kaushik Basu is an economist who was Chief Economist of the World Bank from 2012 to 2016 and Chief Economic Adviser to the Government of India from 2009 to 2012. He is the C. Marks Professor of International Studies and Professor of Economics at Cornell University, and academic advisory board member of upcoming Plaksha University. He began a three-year term as President of the International Economic Association in June 2017. From 2009 to 2012, during the United Progressive Alliance's second term, Basu served as the Chief Economic Adviser to the Government of India. Kaushik Basu is winner of the Humboldt Research Award 2021.
The mathematical notion of quasitransitivity is a weakened version of transitivity that is used in social choice theory and microeconomics. Informally, a relation is quasitransitive if it is symmetric for some values and transitive elsewhere. The concept was introduced by Sen (1969) to study the consequences of Arrow's theorem.
Extended sympathy in welfare economics refers to interpersonal value judgments of the form that social state x for person A is ranked better than, worse than, or as good as social state y for person B. Here any characteristics that define each person are distinguished from the rest of the social state and put on a par with conventional measures of wealth insofar as they affect an extended sympathy judgment.
Economic justice intersects with economic prosperity as if all members of society can earn wages then they are contributing to the economic growth. These wages are then turned into the buying of goods which works to drive the economy, but it only works if everyone can "provide for themselves and maintain discretionary income."
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.
Roughly speaking, in decision theory, game theory, and rational choice, menu dependence arises when the evaluation of alternatives for choice or the mode of selection guiding choice varies parametrically with what collection of alternatives is available for choice. Menu dependence can be accompanied by violations of various so-called consistency constraints, such as Sen's condition α and Sen's conditions γ and β. While the phenomenon can arise in a variety of ways, menu dependence is often informally associated with a change in a decision maker's preferences among alternatives with the addition of irrelevant alternatives.
Kevin W. S. Roberts was the Sir John Hicks Professor of Economics at the University of Oxford until his retirement in 2020.
Sanjiv M. Ravi Kanbur, is T.H. Lee Professor of World Affairs, International Professor of Applied Economics, and Professor of Economics at Cornell University. He worked for the World Bank for almost two decades and was the director of the World Development Report.
Shatakshee Ramesh Dhongde is an associate professor at the School of Economics, Ivan Allen College of Liberal Arts, Georgia Institute of Technology. She has provided research papers to the several institutions including the International Monetary Fund and the World Institute for Development Economics Research (WIDER). Her work has also appeared in several academic journals including World Development.
Fractional social choice is a branch of social choice theory in which the collective decision is not a single alternative, but rather a weighted sum of two or more alternatives. For example, if society has to choose between three candidates: A B or C, then in standard social choice, exactly one of these candidates is chosen, while in fractional social choice, it is possible to choose "2/3 of A and 1/3 of B". A common interpretation of the weighted sum is as a lottery, in which candidate A is chosen with probability 2/3 and candidate B is chosen with probability 1/3. Due to this interpretation, fractional social choice is also called random social choice, probabilistic social choice, or stochastic social choice. But it can also be interpreted as a recipe for sharing, for example:
References
- ↑ https://www.mha.gov.in/sites/default/files/2020AwardeesList_25012020_2.pdf [ bare URL PDF ]
- ↑ "Pattanaik, Prasanta K. (Prasanta Kumar)". Virtual International Authority File. Retrieved 29 September 2014.
- ↑ "Pattanaik, Prasanta K." Library of Congress. Retrieved 29 September 2014.
data sheet (b. 5-4-1943)
- ↑ "Padma Awardees: 2020" (PDF). Ministry of Home Affairs (India). 25 January 2020. pp. 2–6. Retrieved 26 August 2020.
- ↑ "Social Choice and Welfare | Editorial board | Advisory Editors". Springer. Retrieved 29 September 2014.
- ↑ https://www.mha.gov.in/sites/default/files/2020AwardeesList_25012020_2.pdf [ bare URL PDF ]
- ↑ "Prasanta Pattanaik". Oxford Poverty & Human Development Initiative, University of Oxford. Archived from the original on 27 January 2020. Retrieved 29 September 2014.
- ↑ Sen, Amartya (2010), "Acknowledgements", in Sen, Amartya (ed.), The idea of justice, London: Penguin, pp. xii–xxiii, ISBN 9780141037851. Book preview.
- ↑ "Studies in Choice and Welfare". Springer. Retrieved 29 September 2014.
- ↑ Pattanaik, Prasanta K.; Tadenuma, Koichi; Xu, Yongsheng; Yoshihara, Naoki (2008). Rational choice and social welfare theory and applications: essays in honor of Kotaro Suzumura. Studies in Choice and Welfare. Berlin: Springer. ISBN 9783540798316.
