Kenneth Arrow (1921-2017) was an American economist who won the Nobel Memorial Prize in Economic Sciences in 1972, shared with John Hicks. He proved Arrow's Impossibility Theorem in social choice theory, showing that no voting system can satisfy a basic set of fairness criteria at once, and co-developed with Gerard Debreu the Arrow-Debreu model proving the existence of general equilibrium prices. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
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Additional Source WikipediaArrow-Debreu model, Lead section
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Source Kenneth Arrow (Wikipedia)Lead sentence 1Quote, Lead sentence 1
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist.
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1. Kenneth Arrow (Wikipedia)
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He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
Infobox, Born field
August 23, 1921
Infobox, Died field
February 21, 2017
In Group: Marginalist, Neoclassical and Welfare Economists, Lead
His contributions to social choice theory, notably his "impossibility theorem", and his work on general equilibrium analysis are significant.
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Wikimedia FoundationAssociated With: Gérard Debreu, Arrow-Debreu model, Lead sectionQuote, Associated With: Gérard Debreu, Arrow-Debreu model, Lead section
It was proposed by Kenneth Arrow, Gerard Debreu in 1954, and Lionel W. McKenzie independently in 1954, with later improvements in 1959.
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