Social Choice Theory is a branch of economics and political science that analyzes the mechanisms by which the preferences of individuals are aggregated into group decisions. Voting is a fundamental process in democratic societies that allows individuals to express their preferences and elect their representatives. However, the process of aggregating individual preferences into a collective decision is not a straightforward task, as it involves complex mathematical and social considerations. 

The application of social choice theory has numerous real-life examples in different fields, such as politics, economics, and social policy. For instance, the United Nations uses a voting system called the Single Transferable Vote (STV) to elect members of its Security Council. Another example is the use of the Borda Count method in the Eurovision Song Contest, where countries assign points to their favorite songs, and the winner is determined by the country with the most points.