This theory was popularized in the book Social Choice and Individual Values, and won its namesake the Nobel Prize in Economics in 1972.
This theory was popularized in the book Social Choice and Individual Values, and won its namesake the Nobel Prize in Economics in 1972. This theory assumes that a preference order must be extracted on a given set of options and states that monotonicity, non-imposition, and independence of irrelevant alternatives together imply Pareto efficiency. This theorem states that [*] universality, non-dictatorship, monotonicity, non-imposition, and independence of irrelevant alternatives are not all attainable by a single voting system with at least two voters and three options. For 10 points, name this theorem regarding a lack of fairness in certain voting systems.
This theory was popularized in the book Social Choice and Individual Values, and won its namesake the Nobel Prize in Economics in 1972.
{Arrow’s Impossibility} Theorem [or {Arrow’s Paradox}]