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Oct 13, 2014 · Kenneth Arrow’s “impossibility” theorem—or “general possibility” theorem, as he called it—answers a very basic question in the theory of collective decision-making. Say there are some alternatives to choose among. They could be policies, public projects, candidates in an election, distributions of income and labour requirements ...
- Social Choice Theory
The two scholars most often associated with the development...
- Normative Economics and Economic Justice
The theory of fair allocations contains many positive...
- Voting Methods
Deep and important results in the theory of social choice...
- Social Choice Theory
Arrow's impossibility theorem is a key result in social choice showing that no ranked-choice voting rule can produce logically coherent results with more than two candidates. Specifically, any such rule violates independence of irrelevant alternatives : the principle that a choice between A {\displaystyle A} and B {\displaystyle B} should not ...
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Kenneth Arrow. Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician, writer, and political theorist. Along with John Hicks, he won the Nobel Memorial Prize in Economic Sciences in 1972. In economics, Arrow was a major figure in post-World War II neoclassical economic theory.
Kenneth J. Arrow (born August 23, 1921, New York, New York, U.S.—died February 21, 2017, Palo Alto, California) was an American economist known for his contributions to welfare economics and to general economic equilibrium theory. He was cowinner (with Sir John R. Hicks) of the Nobel Prize for Economics in 1972.
Sep 12, 2023 · Kenneth Arrow: An American neoclassical economist who won the Nobel Memorial Prize in Economics along with John Hicks in 1972 for his contributions to general equilibrium analysis and welfare ...
- Will Kenton
- 2 min
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972 was awarded jointly to John R. Hicks and Kenneth J. Arrow "for their pioneering contributions to general economic equilibrium theory and welfare theory"
K. J. Arrow 111 Now even in the most strictly neoclassical version of price theory, it is not precisely true that prices alone are adequate information to the individual agents for the achievement of equilibrium, a point that will be developed later. One brand of criticism has put more stress on quantities themselves as
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