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lukeprog comments on Cognitive Neuroscience, Arrow's Impossibility Theorem, and Coherent Extrapolated Volition - Less Wrong Discussion
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No, I don't know how to solve that problem. That goes beyond the scope of this post, which is concerned with Arrow's theorem. I'll change the wording that represents most economists as thinking in terms of ordinal preferences, though.
EDIT: Those who want some recent material on the subject, see this paper.