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Additional resources for Arrow and the Ascent of Modern Economic Theory
The theory he develops here is for the individual, but he also provides extensions to methods of aggregation. Because the axioms lead to strong measurement of freedom preferences, namely, a ratio scale, multiplicative aggregation rules related to the Nash social welfare function can be used. This is followed by Chapter 7 where Suzumura and Suga show how the abstract social choice theory may be construed as a useful and practical framework for examining the role played by moral principles in resolving social conflicts.
Such an equilibrium could be interpreted as an endogenous process of matching buyers and sellers, in which their impatience for trade derives from pressure from other traders who are competing for the opportunity to transact; in turn, as in the work of Ariel Rubinstein and in related work on auctions, their relative impatience determines the terms of trade. A key feature is that delay in offering or accepting a serious bid or ask is a trader's main signal about his private xxxiv Preface information.
In the postwar period Leonid Hurwicz is identified as a leading system designer in the great tradition of Aristotle, More, J. S. Mill, and Lange. He is not only an erudite, technically sophisticated, and proverbially precise scholar whose first-hand insights illuminate the topics of Chapter 4, but he is also a warm and humourous raconteur who adds the human touch to otherwise perhaps dry subjects. The major theme of Chapter 4 is the stability of equilibrium, a crucial subject on which Arrow and Hurwicz so fruitfully collaborated in many papers that later constituted a substantial part of their Studies in Resource Allocation Processes.