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Show Summary Details Overview Arrow's impossibility theorem. Reference entries Arrow's impossibility theorem n. Arrow's impossibility theorem in Dictionary of the Social Sciences Length: words.
For this work, Arrow received the Nobel Prize in Economics in for what was essentially a mathematical result! And if there are only 2 candidates, then it is easy to see that plurality voting which expresses preference for one candidate over the other is a social welfare function that satisfies ND, PE, and vacuously IIA since there are no other candidates. Nonetheless, the result was a surprising and remarkable achievement.
Essentially, U says that the voting method is a social welfare function. See the reference for a proof. You may also enjoy taking a course in game theory. Your Money. Personal Finance. Your Practice. Popular Courses. Economy Economics. What is Arrow's Impossibility Theorem? Key Takeaways Arrow's impossibility theorem is a social-choice paradox illustrating the impossibility of having an ideal voting structure.
Kenneth J. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Terms Social Choice Theory Definition Social choice theory is an economic theory that considers whether a society can be ordered in a way that reflects individual preferences.
Kenneth Arrow Kenneth Arrow was an American economist who won the Nobel Prize in Economics in for his work in general equilibrium analysis and welfare economics. Roger B. Myerson Roger B. Welfare Economics Welfare economics focuses on finding the optimal allocation of economic resources, goods, and income to best improve the overall good of society.
Positive Economics Positive economics is the study of economics based on objective analysis of what is occurring and what has been occurring in an economy. Partner Links. Related Articles.
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