Abstract
Economic decisions in general result from a compromise between conflicting interests. The usual approach to find such a compromise is to aggregate the preferences of the interested parties. However, as shown e.g. by Arrow [1], a suitable aggregation may not exist — even if the individual preferences are operational and known to the decision-makers.
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Literature
Arrow, K.J., Social choice and individual values (2nd ed.), New York-London-Sidney 1963
Black, F.M. Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy 81 (1973), p. 632–659
Fisher, I., The Nature of Capital and Income. New York 1912
Hellwig, K., Existenzsichernde Unternehmensplanung, Diskussionspapier, Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, 1983
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© 1984 Springer-Verlag Berlin Heidelberg
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Hellwig, K. (1984). Corporate Planning and Capital Maintenance. In: Bamberg, G., Spremann, K. (eds) Risk and Capital. Lecture Notes in Economics and Mathematical Systems, vol 227. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45569-8_14
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DOI: https://doi.org/10.1007/978-3-642-45569-8_14
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