The existence of forward markets is required for an economy in which there are markets for all goods and services, according to the general equilibrium model developed by Gerard Debreu and this man.
In a 1963 paper, this man argued that the economy for medical care is not adequately regulated by market competition due to information asymmetries. The existence of forward markets is required for an economy in which there are markets for all goods and services, according to the general equilibrium model developed by Gerard Debreu and this man. He defined the criteria of universal admissibility, unanimity, non-dictatorship, and irrelevance of independent alternatives, in his book Social Choice and Individual Values. In that book he showed that those conditions cannot be satisfied by a rank-order voting system. For 10 points, name this economist who formulated a namesake impossibility theorem.
In a 1963 paper, this man argued that the economy for medical care is not adequately regulated by market competition due to information asymmetries.
Kenneth Joseph Arrow