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From Decision Problems to Dethroned Dictators
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Abstract
Economic models as well as aggregation and decision problems with “holes” in the domain can be dicult to analyze because, unexpectedly, they are related to Arrow’s Impossibility Theorem: embedded within the model may be “topological dictators.” But, just as it is possible to remove the negative impact of Arrow’s dictator by recognizing that the source of the problem is that crucial, available information (about voter preferences) is not being used, the obstacles confronting these economic decision problems can be removed by identifying what kind of available information is not being used.
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