Learn about the life and works of James M. Buchanan, a Nobel Prize-winning economist and pioneer of public choice theory and ...

Clay Halton is a Business Editor at Investopedia and has been working in the finance publishing field for more than five years. He also writes and edits personal finance content, with a focus on ...

Social choice theory provides a foundational framework for analysing collective decision‐making, where diverse individual preferences are aggregated into a single, socially endorsed outcome. This ...

Social choice theory examines the methods by which individual preferences are aggregated to form collective decisions. It underpins many democratic procedures and economic models by offering ...