Handbook of Social Choice and Welfare (Volume 2) (Handbooks in Economics, Volume 2) - Hardcover

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Kenneth Arrow is the Joan Kenney Professor of Economics and Professor of Operations Research, emeritus; a CHP/PCOR fellow; and an FSI senior fellow by courtesy. He is the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51. In economics, he is a figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information. He has been co-editor of the Handbooks in Economics series since the mid-1980s.

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How do we make collective decisions, distribute goods, incentivize, and punish?

The literature of social choice investigates individual and societal preferences as well as a collective rationality by drawing on a combination of economic theory, philosophical perspectives, and historical records. This volume, edited by the leaders of social choice theory, presents broad yet detailed examinations of its antecedents, its growth and increasing sophistication, and its potential paths of future development. Its contributors record the controversies, the breakthrough concepts, the inherent tension between public welfare and individual rights, and the limitations of their tools. A volume without peers, this collection of original essays captures the infinite variety of responses to this challenging economic domain.