Arrow impossibility theorem
Teorema de imposibilidad de Arrow
- Date
- 1951 · confidence high
- Place
- Stanford and New York (Cowles Commission)
- Credited to
- Kenneth Arrow (Social Choice and Individual Values)
- People
- 👤 Kenneth Arrow1921–2017
- Field
- Knowledge & symbols
What was discovered
No voting system with three or more options can simultaneously satisfy a few reasonable conditions of rationality and fairness, except dictatorship. It founds social choice theory.
Included as a mathematical result of economics; Arrow received the Nobel Prize in 1972.
What it led to
- social choice theory
- mechanism design
- the Gibbard-Satterthwaite theorem
Built on
Made possible
- design of electoral systems