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Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist.He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
When Kenneth Arrow proved his theorem in 1950, it inaugurated the modern field of social choice theory, a branch of welfare economics studying mechanisms to aggregate preferences and beliefs across a society. [14] Such a mechanism of study can be a market, voting system, constitution, or even a moral or ethical framework. [1]
Kenneth Arrow's monograph Social Choice and Individual Values (1951, 2nd ed., 1963, 3rd ed., 2012) and a theorem within it created modern social choice theory, a rigorous melding of social ethics and voting theory with an economic flavor.
Kenneth J. Arrow's Social Choice and Individual Values (1951) influenced the theory of public choice and election theory. Building on Black's theory, Arrow concluded that in a non-dictatorial setting, no predictable outcome or preference order can be discerned for a set of possible distributions. [19]
The Arrow information paradox (information paradox for short, or AIP [1]), and occasionally referred to as Arrow's disclosure paradox, named after Kenneth Arrow, American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks, [2] is a problem faced by companies when managing intellectual property across their boundaries.
Kenneth Arrow's book Social Choice and Individual Values is often recognized as inaugurating the modern era of social choice theory. [4] Later work has also considered approaches to legal compensation , fair division , variable populations , [ citation needed ] partial strategy-proofing of social-choice mechanisms , [ 9 ] natural resources ...
The concept of learning-by-doing has been used by Kenneth Arrow in his design of endogenous growth theory to explain effects of innovation and technical change. [5] Robert Lucas, Jr. adopted the concept to explain increasing returns to embodied human capital . [ 6 ]
Kenneth Arrow's 1963 book demonstrated the problems with such an approach, though he would not immediately realize this. Along earlier lines, Arrow's version of a social welfare function, also called a 'constitution', maps a set of individual orderings ( ordinal utility functions ) for everyone in society to a social ordering, which ranks ...