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Arrow's Impossibility Theorem: Difference between revisions
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(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...") |
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The theorem has profound implications for democratic decision-making and the design of voting systems. It suggests that no voting method can perfectly capture the will of the people in all situations without encountering some form of paradox or inconsistency. This has led to ongoing debates in political science and economics about the best methods for collective decision-making and the trade-offs involved in different voting systems. | The theorem has profound implications for democratic decision-making and the design of voting systems. It suggests that no voting method can perfectly capture the will of the people in all situations without encountering some form of paradox or inconsistency. This has led to ongoing debates in political science and economics about the best methods for collective decision-making and the trade-offs involved in different voting systems. | ||
== Related Pages == | |||
* [[Borjas Rectangle Theory]] | |||
* [[Boskin Commission]] | |||
* [[CPI]] | |||
* [[François Divisia]] | |||
* [[Gauge Theory]] | |||
* [[Immigration]] | |||
* [[Ken Arrow]] | |||
* [[Paul Samuelson]] | |||
* [[Ronald Coase]] | |||
[[Category:Concepts]] | [[Category:Concepts]] | ||
[[Category:Economics]] | [[Category:Economics]] | ||