Social choice theory is a branch of welfare economics that seeks to extend the theory of rational choice to collective decision-making. Social choice studies the behavior of different mathematical procedures (social welfare functions) used to combine individual preferences into a coherent whole.
Social choice theory is a branch of welfare economics that seeks to extend the theory of rational choice to collective decision-making. Social choice studies the behavior of different mathematical procedures (social welfare functions) used to combine individual preferences into a coherent whole.
Source: Wikipedia "Social choice theory" · CC BY-SA 4.0
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