Individually-Rational Collective Choice under Random Preferences

Number: 
232
Published: 
Classification JEL: 
D70, D74, D12
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

In this paper I consider the following problem: there is a collection of exogenously given socially feasible sets, and for each one of them, each one of a group of individuals chooses from an individually feasible set. The fact that the product of the ind