Arrow's impossibility theorem: Difference between revisions

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.

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”).