Arrow's impossibility theorem: Difference between revisions

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~~In [[voting system]]s,~~ '''Arrow’s impossibility theorem''', or '''Arrow’s paradox''' demonstrates the impossibility of designing a set of rules for social decision making that would obey every ‘reasonable’ criterion required by society.

'''Arrow’s impossibility theorem''', or '''Arrow’s paradox''' demonstrates the impossibility of designing a set of rules for social decision making that would obey every ‘reasonable’ criterion required by society.

The theorem is named after economist [[Kenneth Arrow]], who proved the theorem in his ~~[[Doctor of Philosophy|~~Ph.D.]] thesis and popularized it in his [[1951]] book ''Social Choice and Individual Values.'' Arrow was a co-recipient of the [[1972]] ~~[[Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel|~~Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel]] (popularly known as the “Nobel Prize in Economics”).

The theorem is named after economist [[Kenneth Arrow]], who proved the theorem in his Ph.D. thesis and popularized it in his 1951 book ''Social Choice and Individual Values.'' Arrow was a co-recipient of the 1972 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (popularly known as the “Nobel Prize in Economics”).

The theorem’s content, somewhat simplified, is as follows.

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[[Category:Voting theory]]

[[Category:Economics]]

[[Category:Paradoxes]]

[[Category:Theorems]]