The Handbook of Social Choice and Welfare presents, in two volumes,
essays on past and on-going work in social choice theory and
welfare economics. The first volume consists of four parts. In Part
1 (Arrovian Impossibility Theorems), various aspects of Arrovian
general impossibility theorems, illustrated by the simple majority
cycle first identified by Condorcet, are expounded and evaluated.
It also provides a critical survey of the work on different escape
routes from impossibility results of this kind. In Part 2 (Voting
Schemes and Mechanisms), the operation and performance of voting
schemes and cost-sharing mechanisms are examined axiomatically, and
some aspects of the modern theory of incentives and mechanism
design are expounded and surveyed. In Part 3 (structure of social
choice rules), the positional rules of collective decision-making
(the origin of which can be traced back to a seminal proposal by
Borda), the game-theoretic aspects of voting in committees, and the
implications of making use of interpersonal comparisons of welfare
(with or without cardinal measurability) are expounded, and the
status of utilitarianism as a theory of justice is critically
examined. It also provides an analytical survey of the foundations
of measurement of inequality and poverty. In order to place these
broad issues (as well as further issues to be discussed in the
second volume of the Handbook) in perspective, Kotaro Suzumura has
written an extensive introduction, discussing the historical
background of social choice theory, the vistas opened by Arrow's
"Social Choice and Individual Values," the famous "socialist
planning" controversy, and the theoretical and practical
significance of social choice theory. The primary purpose of this
Handbook is to provide an accessible introduction to the current
state of the art in social choice theory and welfare economics. The
expounded theory has a strong and constructive message for pursuing
human well-being and facilitating collective decision-making.
*Advances economists understanding of recent advances in social
choice and welfare
*Distills and applies research to a wide range of social
issues
*Provides analytical material for evaluating new scholarship
*Offers consolidated reviews and analyses of scholarship in a
framework that encourages synthesis. "
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