Arrow's Impossibility Theorem
Kenneth Arrow's legacy and why elections can be flawed There is no perfect voting rule for three or more options. Shutterstock/Constantin Stanciu shutterstock Haris Aziz , Data61 Stanford professor Kenneth Arrow was considered one of the most influential economists in history with monumental and lasting contributions to the field. He died in February this year, aged 95. His work included some explanation for why election results can turn out as they do, not always the way most voters would prefer. In 1972, Arrow was awarded the Nobel Memorial Prize in Economic Sciences for his fundamental work on demand and supply in competitive markets. But it has been noted that Arrow could well have won multiple Nobel prizes for his contributions to social choice, financial securities and health economics. Although his approach was highly abstract, the insights derived from his mathematical results have had a broad and deep impact. For ...