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Though Arrow Says It’s Impossible, It Happens Everyday

Author

Listed:
  • Mohammad Gani

    (Economic Science Institute, Dhaka, Bangladesh.)

Abstract

Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social welfare. Thus though Arrow says it is impossible, it actually happens everyday and everywhere.

Suggested Citation

  • Mohammad Gani, 2004. "Though Arrow Says It’s Impossible, It Happens Everyday," Microeconomics 0405008, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpmi:0405008
    Note: Type of Document - pdf; pages: 2. An original concept of consistency of social preference to change social scineces in general. Dismisses Arrow.
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mic/papers/0405/0405008.pdf
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    More about this item

    Keywords

    Social Choice; Collective Decision; Trade; Money; Arrow;
    All these keywords.

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade

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