IMS555 - Chapter 8

Who were the two scholars most often associated with the development of social choice theory?

• Arrow and Borda

• Arrow and Condorcet

• Condorcet and Arrow

• Borda and Condorcet

What is the basis for democracy according to Condorcet's Jury Theorem?

• Majority voting

• Consensus among humans

• Increasing voters numbers

• Probability of individual voting correctly

What is the term used to describe the situation where majority preferences can be 'irrational' even when individual preferences are 'rational'?

• Arrow's Theorem

• Jury Theorem

• Social Decision Theory

• Condorcet's Paradox

According to Arrow's Theorem, which condition states that if everyone in the society prefers option A over option B, then society must also prefer A over B?

• Independence of irrelevant alternatives

• Unanimous

• Completeness

• Transitivity

What is one of the solutions suggested by social choice theorists to escape from the negative conclusion of Arrow's theorem?

• Limiting the number of alternatives

• Relaxing transitivity

• Domain restrictions

• Independence of irrelevant alternatives

In which field does Social Decision Theory (SDT) go beyond individual decision theory?

• Political science

• Personal finance

• Organizational behavior

• Societal decision making

What does Arrow's Theorem prove regarding finding a fair and decisive voting system?

• It is possible

• It is impossible

• It depends on the context

• It requires further research

What is the main concern of SDT according to the conclusion of the text?

• Finding a fair voting system

• Resolving problems raised by Condorcet and Arrow

• Avoiding cyclic social preferences

• Individual decision making

Who introduced a general approach to preference aggregation known as collective preference?

• Condorcet

• Arrow

• Jury Theorem

• Borda

What is the term used to describe the situation where there is no alternative winner due to cyclic social preferences?

• Cyclic Social Preferences

• Social Preference Cycle

• Condorcet's Dilemma

• Arrow's Paradox