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Social and Behavioral Sciences Commons

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Economics

Selected Works

Lester G Telser

2013

Rational

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Full-Text Articles in Social and Behavioral Sciences

Plain Talk On Preferences, Lester G. Telser Dec 2012

Plain Talk On Preferences, Lester G. Telser

Lester G Telser

Assume the preferences of each individual are transitive but preferences for the same alternatives differ among some individuals. Condorcet (1785) showed that choices made by majority voting are not always transitive. Therefore,the choice among alternatives made by a group will not coincide with the preferences of any individual in the group. This is also Arrow's conclusion. Drop the assumption that all individuals have transitive preferences and the paradox loses much of its force. How groups resolve the perennial conflict between liberty and consensus remains unsolved by majority voting.