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Originally published in 1951, "Social Choice and Individual Values" introduced "Arrow's Impossibility Theorem" and founded the field of social choice theory in

One fundamental premise of democratic theory is that social policy, group choice, or collective action should be based on the preferences of the individuals in

The literature on the theory of social choice has grown considerably beyond the few items in existence at the time the first edition of this book appeared in 19

This is a textbook introducing selected topics in formal social choice theory. Social choice theory studies group choices that are based on information about pr

This book covers the main topics of welfare economics — general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities