What Is the Social Choice Theory?

Social choice theory, as one of the important development achievements of modern economics, mainly analyzes the relationship between individual preferences and collective choices, and studies methods that can fairly rank or evaluate other social states, such as voting is An important way of social choice to reconcile the conflict between individual and collective values. Famous economists Kenneth J. Arrow and Amartya K. Sen have made significant contributions to welfare economics due to their research results in social choice theory, etc. Having won the Nobel Prize in Economics in 1972 and 1998, their achievements mark that social choice theory has become an important part of economics.