A Resolution of the Arrow Impossibility Theorem

Explore a lecture that delves into a proposed resolution of Arrow's Impossibility Theorem. Examine the argument that Arrow's independence of irrelevant alternatives condition (IIA) is overly stringent, despite its effectiveness in ruling out spoilers in elections. Discover how this condition may inadvertently make voting rules insensitive to voters' preference intensities. Learn about a modified version of IIA designed to address these issues. Investigate how this modification, combined with Arrow's other conditions, May's axioms for majority rule, and a mild consistency condition, leads to the Borda count (rank-order voting) as the unique solution. Gain insights into the complexities of voting systems and the ongoing efforts to refine and improve democratic decision-making processes.

Eric Maskin: A Resolution of the Arrow Impossibility Theorem #ICBS2024