Rubinstein2005-page132 - 12:18 master Sheet number 130 Page...

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October 21, 2005 12:18 master Sheet number 130 Page number 114 LECTURE 10 Social Choice Aggregation of Orderings When a rational decision maker forms a preference relation, it is often on the basis of more primitive relations. For example, the choice of a PC may depend on considerations such as “size of mem- ory,” “ranking by PC magazine,” and “price.” Each of these consid- erations expresses a preference relation on the set of PCs. In this lecture we look at some of the logical properties and problems that arise in the formation of preferences on the basis of more primitive preference relations. Although the aggregation of preference relations can be thought of in a context of a single individual’s decision making, the clas- sic context in which preference aggregation is discussed is “social choice,” where the “will of the people” is thought of as an aggrega- tion of the preference relations held by members of society. The foundations of social choice theory lie in the “Paradox of
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