economics writing, ec

write the answer for those 2 questions please in a hurry!!!

1. Explain the relevance of Arrow’s Theorem for following

individuals: a social scientist trying to predict how a legislature

will vote to divide up some new tax revenue; a committee

trying to identify the perfect voting rule to avoid committee

cycling and deadlock; a political theorist who defends democracy

on the grounds that it is the only way to determine society’s

true preferences; and a jurist attempting to interpret the

“legislative intent” of the coalition which passed a particular

bill in Congress.

2. Arrow’s Theorem suggests there is a trade-off between

the concentration of power and collective rationality. Explain

this trade-off, and then provide a brief example using three individuals

voting over three outcomes to illustrate. An alternative

formulation is that Arrow’s Theorem suggests a trade-off

between fairness and consistency. Explain this trade-off, carefully

describing the meaning of fairness and consistency under

these circumstances.

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