Kenneth Joseph Arrow (August 23rd - 1921) is a American economist . He is Co-holder, with John Hicks, of the price “Nobel of economy” in 1972. He is regarded as one of the founders of the neo-classic École modern (i.e. post-second world war).
BiographyAfter its studies with the college of Townsend Harris (New York), Kenneth Arrow off passes its license to the City College New York in 1940, then it obtains a master with the Université Columbia in 1941, where it will be will effectura finally a Ph.D in 1951. From 1946 with 1949, it spent its time partly as a student graduated to Colombia and partly as associated research with the Cowles Commission for Research in Economics , with the Université of Chicago. At same time, he is auxiliary professor in the Economic scenes with the Université of Chicago. In 1951, it gained its Ph.D. of Colombia. It is currently economic scenes and professor of operations research, honorary with the Université of Stanford.
He is member elect of the National Medal off Science 2004, the scientific honor highest of the nation, given by the President George W. Bush, for his contributions to research on the problems of decision making in imperfect Information on the taking risk. He is one of the founding members of. Arrow is also an administrator of Economists for Peace and Security .
The impact of work of Kenneth Arrow in Economic scenes was enormous. During more than fifty years, it is one of the most listened economists. It must, precisely, its notoriety in this discipline with its theorem of impossibility, and with its important contributions to the Théorie of the social choice, with the endogenous Theory of growth, with the economy of information like to its work on the Théorie of general stability. It is him which introduced the first in economy, the concept of the training by the action (learning by doing). The individuals on the market become increasingly rational while exchanging because they learn (of their errors), from where possible coordinations.
The theorem of impossibility
See also: Theorem of impossibility of Arrow
Shown in its thesis social Choice and individual values ( Social been worth choice and individual ) the theorem of impossibility of Arrow shows that rules to establish a collective choice cannot answer some reasonable criteria. This very theoretical result is called the paradox of Arrow or the “impossible democracy”.
Theory of general stability
See also: General stability
In collaboration with Gerard Debreu, Arrow is the first required a rigorous proof of the existence, under precise conditions, of a general stability of market.
Some works and articles
- 1949, '' Bayes and Minimax Solutions off Sequential Problems Decision, '' with D. Blackwell and M.A. Girshick, Econometrica
- 1951, '' Optimal Inventory Policy '', with T. Harris and J. Marschak, Econometrica
- 1951, '' Mathematical Models in the Social Sciences '', Lerner and Lasswell, editors, Policy Sciences
- 1951, Social Choice and Individual Been worth
- 1951, '' Alternative approaches to the theory off choice in risk-taking situations '', Econometrica, 19:404 - 437
- 1952, '' The Determination off Many-Commodity Preference Scales by Two- Commodity Comparisons '', Metroeconomica
- 1953, '' The Role off Securities in the Optimal Allowance off Risk-Bearing '', 1953, Econometrics - (in 1963, LMBO).
- 1953, Hurwicz' S optimality criterion for decision making under ignorance,” Technical Carryforward 6, Stanford University
- 1954, Importation Substitution in Leontief Models, Econometrica
- 1954, '' Existence off year Equilibrium for has Competitive Economy '', with Gerald Debreu, Econometrica.
- 1959, Functions off has theory off behavior under uncertainty,” Metroeconomica, 11:12 - 20
- 1959, '' Rational Choice Functions and Ordering '', Economica
- 1959, Toward has Theory Price Adjustment off, In Moses Abramovitz and Al, eds. The Allowance off Economic Resources: Essays in Honor off Bernard Francis Halley. Stanford: Stanford University Close
- 1962, The Economic Implications off Learning by Doing , Review off Economic Studies, 29
References and notes
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