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Rank aggregation, originally an important issue in social choice theory, has become more and more important in information retrieval applications over the Internet, such as meta-search, recommendation system, etc. In this work, we consider an aggregation function using a weighted version of the normalized Kendall-τ distance. We propose a polynomial time approximation scheme, as well as a practical heuristic algorithm with the approximation ratio two for the NP-hard problem. In addition, we discuss issues and models for the dynamic rank aggregation problem.