In this paper we prove some versions of the Arrow Impossibility Theorem, with the collective rationality condition weakened from transitivity to acyclicity, and the Pareto condition replaced by weaker conditions. Thus this result has weaker assumptions than versions of the Arrow Theorem which have previously appeared in the literature. Consequently it is one of the strongest impossibility theorems. Our result is an extension of a recent theorem of Blair and Pollak.

A stochastic dynamic model of labour supply is specified and analysed empirically. The theoretical model provides a sound structural economic basis for a class of empirical models which have been shown useful. The implications of the estimated model are explored and diagnostic checks are suggested and implemented.