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Arrow's Impossibility Theorem: Difference between revisions
Created page with "Arrow's Impossibility Theorem, proposed by economist Kenneth Arrow in 1951, is a fundamental result in social choice theory that highlights the challenges of aggregating individual preferences into a collective or societal preference ranking. The theorem demonstrates that it's impossible to design a voting system that satisfies a set of seemingly reasonable criteria simultaneously. Here's a simplified explanation of Arrow's Impossibility Theorem: * '''Individual Prefer..."
(Created page with "Arrow's Impossibility Theorem, proposed by economist Kenneth Arrow in 1951, is a fundamental result in social choice theory that highlights the challenges of aggregating individual preferences into a collective or societal preference ranking. The theorem demonstrates that it's impossible to design a voting system that satisfies a set of seemingly reasonable criteria simultaneously. Here's a simplified explanation of Arrow's Impossibility Theorem: * '''Individual Prefer...") Â |
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