March 07, 2005
Arrow's Impossibility Theorem
In the lounge, graduate students are arguing over Ken Arrow's voting impossibility theorem--what does it mean?
I throw in my two cents:
It means that pairwise voting between alternatives is a really thin information channel--much too thin to be useful for much. But thicker information channels are easy to game: problems of truthful revelation of preferences soon become insuperable.
Posted by DeLong at March 7, 2005 10:39 PM