For each description in the following table, identify the property of a desirable voting system it portrays. Independence of Irrelevant Alternatives No Description Unanimity Transitivity Dictators If everyone prefers B to A, then B beats A. There is no person who always gets what he wants, despite everyone else's preferences If B beats A, and A beats C, then B beats C. The ranking between C and A does not depend on whether B is also available. Consider the following voting system:
For each description in the following table, identify the property of a desirable voting system it portrays. Independence of Irrelevant Alternatives No Description Unanimity Transitivity Dictators If everyone prefers B to A, then B beats A. There is no person who always gets what he wants, despite everyone else's preferences If B beats A, and A beats C, then B beats C. The ranking between C and A does not depend on whether B is also available. Consider the following voting system:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Arrow's impossibility theorem states that under certain assumptions about preferences, no voting system exists that satisfies all of the following properties:
| • | Unanimity |
| • | Transitivity |
| • | Independence of irrelevant alternatives |
| • | No dictators |
Transcribed Image Text:Assume individuals in a society have preferences regarding the following possible outcomes: A, B, and C.
For each description in the following table, identify the property of a desirable voting system it portrays.
Independence of Irrelevant
Alternatives
No
Dictators
Description
Unanimity
Transitivity
If everyone prefers B to A, then B beats A.
There is no person who always gets what he wants, despite
everyone else's preferences
If B beats A, and A beats C, then B beats C.
The ranking between C and A does not depend on whether B is also
available.
Consider the following voting system:
In a pairwise voting system, voters first choose between two outcomes, then the winner of that vote gets paired against the remaining
outcome to determine the voters' choice. Suppose someone suggests choosing first between A and B and then comparing the winner to
C. This results in the voters choosing C. However, if the voters choose first between B and C and then compare the winner to A, the
voters end up with B instead.
Which property does this voting method violate, according to Arrow's impossibility theorem?
O Independence of irrelevant alternatives
O Transitivity
O No dictators
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education