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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