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July 16, 2026
Print | PDFOver a half century ago, Arrow's Impossibility Theorem left us with the negative sense that "no decision method is fair." Is this correct? After indicating "why" his theorem states what it states, very benign interpretations immediately follow—interpretations that show how to replace Arrow's dictator with positive conclusions. Then I show how all of the standard voting paradoxes can be understood. In this manner, we can identify the "optimal voting rule." If time permits, I will indicate how all of this extends to price dynamics.
Professor of Economics and Mathematics and the Director of the Institute for Mathematic and Behavioral Sciences, University of California, Irvine