Exhibit 15-3
-In any democratic voting scheme, inefficiencies resulting from the constant changes in voters' priorities are unavoidable. This principle is called the

Question

Exhibit 15-3 
-In any democratic voting scheme, inefficiencies resulting from the constant changes in voters' priorities are unavoidable. This principle is called the

Quizplus · Accepted Answer

The principle of inefficiencies resulting from constant changes in voters' priorities is known as the Arrow impossibility theorem, which states that no voting system can convert the ranked preferences of individuals into a complete ordering of society's preferences while satisfying a set of reasonable criteria. This principle shows that democratic voting schemes can never perfectly represent the will of the people, and that inefficiencies and inconsistencies are unavoidable.

Exhibit 15-3 -In Any Democratic Voting Scheme, Inefficiencies Resulting from the Constant