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A Course in Microeconomic Theory$
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David M. Kreps

Print publication date: 2020

Print ISBN-13: 9780691202754

Published to Princeton Scholarship Online: May 2021

DOI: 10.23943/princeton/9780691202754.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 17 September 2021

Social choice and efficiency

Social choice and efficiency

Chapter:
(p.149) Chapter Five Social choice and efficiency
Source:
A Course in Microeconomic Theory
Author(s):

David M. Kreps

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691202754.003.0005

This chapter evaluates the theory of social choice. The theory of social choice is concerned with the selection of some social outcome that affects a number of individuals, when those individuals have diverse and conflicting preferences. The chapter characterizes desirable properties of the outcome that is to be selected, properties that usually involve notions of efficiency and equity. In some cases, those properties are insufficient to fix on a single social outcome, but instead restrict attention to some subset of the feasible outcomes. Adding more properties can sometimes pin down a single social outcome that has all the desired attributes. And in some contexts, there is now a way to satisfy simultaneously all the properties thought to be desirable.

Keywords:   social choice, social outcome, consumer preferences, efficiency, equity, conflicting preferences

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