Social Choice Theory

    In the sixty-five years since Arrow's Impossibility Theorum, economists have questioned how we think about utility, individuals and communities. Using philosophical, mathematical and other toolkits, our scholars explore the nature and role of preference maps and utility theory in economics today.

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    Is The Weak Axiom of Revealed Preference Falsifiable?

    MWG introduces the theory of consumer behavior by presenting two distinct approaches to modeling consumer behavior, the preference-based approach (based upon unobservable preferences generating a utility function) and the choice-based approach (based upon observable choice behavior), and attempting to establish connections between the two. Read more