First described in Social Choice and Individual Values, it concerns a fair voting system taking every person's choice into account.
The Duggan-Schwarz theorem applies this concept's mechanism to yield a set of results rather than a single one, and Holmstrom's theorem adapts it for competitive firms. Further generalized as the Gibbard-Satterthwaite theorem, this idea was updated in 1963 with the addition of Pareto efficiency to its criteria; those criteria also include the independence of (*) irrelevant alternatives and consideration of universality. First described in Social Choice and Individual Values, it concerns a fair voting system taking every person's choice into account. For 10 points, name this "impossibility theorem" named for the winner of the 1972 Nobel Prize in Economics.
The Duggan-Schwarz theorem applies this concept's mechanism to yield a set of results rather than a single one, and Holmstrom's theorem adapts it for competitive firms.
{Arrow's} impossibility theorem [or {Arrow's paradox}; or the {general possibility} theorem]