Arrow’s Impossibility Theorem

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Arrow's Impossibility Theorem, formulated by American economist Kenneth Arrow in 1950, is a significant result in the field of social choice theory and voting systems. The theorem highlights the inherent difficulties in designing a fair and consistent voting procedure that satisfies certain desirable properties simultaneously. Here are the key points about Arrow's Impossibility Theorem:

1. Social Choice Aggregation: The theorem addresses the challenge of aggregating individual preferences into a collective or societal preference. This is relevant in situations where a group of individuals needs to make a collective decision, such as choosing a candidate in an election or ranking _________ ________ ___ ____________ __________ __ __ _______ _________ __ ___________ ________ ________ ______ ____.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master of Arts in Economics
Course Code : MEC
Subject Name : Public Economics
Subject Code : MEC 6
Year : 2023 2024