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Arrow's impossibility theorem, formulated by economist Kenneth Arrow in his 1951 work "Social Choice and Individual Values," addresses the challenges of aggregating individual preferences into a collective decision or social welfare function. The theorem states that no voting system can convert individual preferences into a collective outcome that satisfies a specific set of reasonable criteria at the same time.

Ancestors (6)

  1. Economics theorems
  2. Mathematical economics
  3. Applied mathematics
  4. Fields of mathematics
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