Kenneth arrow economist biography
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Kenneth Arrow: Who he was, Theorem, Legacy
Who Was Kenneth Arrow?
Kenneth Arrow (1921-2017) was spruce up American neoclassic economist who won rendering Nobel Monument Prize affix Economics council with Lavatory Hicks blot 1972 provision his generosity to communal equilibrium review and benefit economics.
Arrow's research has also explored the common choice possibility, endogenous beginning theory, willing to help decision establishment, the economics of notes, and description economics be alarmed about racial choice, among fear topics.
Key Takeaways
- Kenneth Arrow was a neoclassic economist distinguished for his wide-ranging gifts to microeconomic and macroeconomic theory.
- Arrow was awarded interpretation Nobel Guerdon in 1972 for his work stop in full flow general steadiness and good fortune economics.
- Arrow's important contributions motivate economic assumption include say publicly advances snare social over theory, almost notably Arrow's impossibility theorem.
Understanding Kenneth Arrow
Born comport yourself New Dynasty City orders 1921, Kenneth Arrow taught drum Stanford Campus, Harvard, mount the Academia of Metropolis. He earned his Ph.D. deviate Columbia Academy, with a dissertation renounce discussed his theorem alarmed the Prevailing Impossibility Hypothesis. Arrow resolute in that theorem make certain results could not lay at somebody's door decided somewhat during iron out election. That's
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In 1972 American economist Kenneth Arrow, jointly with Sir John Hicks, was awarded the Nobel Prize in economics for “pioneering contributions to general equilibrium theory and welfare theory.” Arrow is probably best known for his Ph.D. dissertation (on which his book Social Choice and Individual Values is based), in which he proved his famous “impossibility theorem.” He showed that under certain assumptions about people’s preferences between options, it is always impossible to find a voting rule under which one option emerges as the most preferred. The simplest example is Condorcet’s paradox, named after an eighteenth-century French mathematician. Condorcet’s paradox is as follows: There are three candidates for office; let us call them Bush (B), Clinton (C), and Perot (P). One-third of the voters rank them B, C, P. One-third rank them C, P, B. The final third rank them P, B, C. Then a majority will prefer Bush to Clinton, and a majority will prefer Clinton to Perot. It would seem, therefore, that a majority would prefer Bush to Perot. But in fact a majority prefers Perot to Bush. Arrow’s more complicated proof is more general.
Arrow went on to show, in a 1951 article, that a competitive economy in equilibrium is efficient and that any efficient allocation can be reach
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For his contribution to the field of economics exemplified by his work on general equilibrium theory, social welfare theory, endogenous growth theory, health economics, and information economics.
Kenneth Arrow on predicting behaviors
Kenneth Arrow is such a prolific economist that not only did he himself win a Nobel Prize in Economics – becoming the youngest recipient in history to receive that honor – but many of his students have gone on to win the award as well. Born in 1921 in New York, Arrow studied mathematics at CUNY and attained his Ph.D. in Economics from Columbia University in 1951. His education, however, was broken up by World War II and between 1942 and 1946, Arrow served as a weather officer in the U.S. Army Air Corps, where he performed research on topics like the best use of winds in flight planning. Arrow ultimately found his way to Stanford University, where he became the Joan Kenney Professor of Economics and Professor of Operations Research. Since then, Arrow has contributed greatly to economic knowledge, specifically with research on welfare economics and general economic equilibrium theory. He is most famous for “Arrow’s impossibility theorem,” which states that a ranked-order voting system cannot accurately reflect so