Which of the following terms defines a preference aggregation mechanism that satisfies the properties of dominance,transitivity,and independence of irrelevant alternatives?

Question

Quizplus · Accepted Answer

The term that defines a preference aggregation mechanism that satisfies the properties of dominance, transitivity, and independence of irrelevant alternatives is "consistent." Social efficiency is a separate concept related to the overall welfare or utility of society, while social inefficiency refers to a situation where resources are not allocated optimally. Inconsistency refers to a violation of logical coherence or rationality, such as when a person's preferences do not align with their actions or beliefs. Therefore, only option D - consistent - fits the criteria described in the question.

Which of the Following Terms Defines a Preference Aggregation Mechanism