Arrow's Impossibility Theorem

Above all, everyone wants voting to be fair. What does fair mean and how can we measure it? Kenneth Arrow posited a simple set of conditions that one would certainly desire in a voting system.

Guest

John Geanakoplos: John Geanakoplos is the James Tobin Professor of Economics at Yale University. At Yale he has been Chair of the Yale Faculty of Arts and Sciences Senate, Director of the Cowles Foundation for Research in Economics for 9 years, and Chair of Hellenic Studies for 22 years. He was twice Director of the Economics Program at the Santa Fe Institute and later Chair of the Science Steering Committee for the Santa Fe Institute. He was Managing Director of Fixed Income Research at the investment bank Kidder Peabody and one of the founders in 1994 of the hedge fund Ellington Capital Management, where he remains a partner. He is a Fellow of the American Academy of Arts and Sciences and the Econometric Society, and a recipient of the Samuelson Prize and the Ross Prize. He has testified several times in Congress about mortgage debt forgiveness. He will serve as President of SAET (Society for the Advancement of Economic Theory) in 2027. He graduated summa cum laude from Yale University with a BA in Mathematics in 1975, and received his MA in Mathematics and his PhD in Economics at Harvard under Ken Arrow and Jerry Green in 1980. He won the 1970 United States Junior (under 21) Open Chess Championship.