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A Note on the General Possibility Theorem of the Social Welfare Function
Vol. 29, No. 2 (Apr., 1961), pp. 244-246
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/1909293
Page Count: 3
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K. J. Arrow's general possibility theorem is justly criticized and revised by J. H. Blau. But Blau's revised theorem is based on by far stronger assumptions than Arrow's, and, therefore, seems to lose a great deal of its practical significance. This paper aims to show that Blau's criticism is not so serious, as it appears and that the essence of Arrow's argument remains virtually unchanged and equally challenging to the interested social scientist.
Econometrica © 1961 The Econometric Society