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Left freely to themselves, a group of rational individuals often fail to cooperate even when the product of social cooperation is beneficial to all. Hence, the author argues, a rule of collective decision making is clearly needed that specifies how social cooperation should be organised among contributing individuals. Suzumura gives a systematic presentation of the Arrovian impossibility theorems of social choice theory, so as to describe and enumerate the various factors that are responsible for the stability of the voluntary association of free and rational individuals. Among other topics covered are an axiomatic characterisation of the concept of a rational choice, the simple majority decision rule and its extensions, the social choice implications of the concept of equity as nonenvy, the constrained majoritarian collective choice rules and the conflict between the Paretian ethics and the libertarian claims of individual rights.
| Price | Condition | Delivery | Seller | Action |
| $99.99 | Digital |
| WonderClub |
Krista Thomas
reviewed Rational choice, collective decisions, and social welfare on January 24, 2018
Rational choice
This was very hard to read. Not because of the size (although there are the 700-odd pages to go through), not because of the mathematics and not because of the style of the author (which could be better). It was mostly because the implications of what you read need time to be thought out.
Two simple examples for that are Condorcet's and Arrow's theorems.
The book is mostly an overview of all the literature on the topic of public choice - e.g. politics and economics of making decisions with voting. It contains some very good chapters on voting systems, on structures, on basic game theory.
The bad part is that the book contains too much theories which somewhat don't deserve the name and concern spherical horses in vacuum. The rational, maximizing economical subject that's used too much is practically not found in the real world, and although it helps for some models, you should always keep in mind that the real world is extremely complex, and a lot of the models don't do it any justice.
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