Editing Kenneth Arrow

{{Short description|American economist (1921–2017)}}
{{Use mdy dates|date=January 2024}}
{{Infobox economist
| school_tradition = [[Neoclassical economics]]
| image            = Kenneth Arrow, Stanford University.jpg
| image_size       = 200px
| caption          = Arrow in 1996
| birth_name       = Kenneth Joseph Arrow
| birth_date       = August 23, 1921
| birth_place      = [[New York City]], U.S.
| death_date       = {{death date and age|2017|2|21|1921|8|23|mf=yes}}
| death_place      = [[Palo Alto, California]], U.S.
| institution      = [[Stanford University]]<br/>[[University of Chicago]]<br/>[[Harvard University]]
| field            = {{plainlist|
* [[Microeconomics]]
* [[General equilibrium theory]]
* [[Social choice theory]]
}}
| doctoral_advisor          = [[Harold Hotelling]]
| academic_advisors         =
| doctoral_students         = {{plainlist|
* [[David Bradford (economist)|David F. Bradford]]
* [[Michael Bruno (economist)|Michael Bruno]]
* [[John Geanakoplos]]
* [[Joshua Gans]]
* [[Nancy Gordon]]
* [[Michael Schwarz]]
* [[Gillian Hadfield]]
* [[John Harsanyi]]
* [[Jan Kmenta]]
* [[Timur Kuran]]
* [[Jean-Jacques Laffont]]
* [[Eric Maskin]]
* [[Roger Myerson]]
* [[Sebastián Piñera]]
* [[Andrea Prat]]
* [[Karl Shell]]
* [[Michael Spence]]
* [[Nancy Stokey]]<ref name="Dewar">{{cite book |last1=Dewar |first1=Diane M. |title=Essentials of Health Economics |date=2017 |publisher=Jones & Bartlett Publishers |isbn=978-1-284-05462-0 |url=https://books.google.com/books?id=jCvaCgAAQBAJ&dq=Nancy+Stokey+Arrow&pg=PA120 |language=en}}</ref>
* [[Menahem Yaari]]
}}
| notable_students          =
| influences       = {{Plainlist|
* [[Alfred Tarski]]<ref name="Arrow2017">{{cite book|author-first=Kenneth Joseph |author-last=Arrow|title=On Ethics and Economics: Conversations with Kenneth J. Arrow|url=https://books.google.com/books?id=byjTjgEACAAJ|year=2017|publisher=Routledge|isbn=978-1-138-67606-0|pages=12, 33}}</ref>}}
| contributions    = {{indented plainlist|
* General equilibrium theory
* [[Fundamental theorems of welfare economics]]
* [[Arrow's impossibility theorem]]
* [[Endogenous growth theory]]
}}
| awards           = {{indented plainlist|
* [[John Bates Clark Medal]] (1957)
* [[Nobel Prize in Economics]] (1972)
* [[von Neumann Theory Prize]] (1986)
* [[National Medal of Science]] (2004)
* [[Fellow of the Royal Society|ForMemRS]] (2006)}}
| signature        =
| website = {{URL|healthpolicy.fsi.stanford.edu/people/kenneth_j_arrow}}
| repec_prefix = e
| repec_id = par7
|education={{plainlist|
* [[City College of New York]] ([[Bachelor of Science|BS]])
* [[Columbia University]] ([[Master of Science|MS]], [[PhD]])
}}}}

'''Kenneth Joseph Arrow''' (August 23, 1921 – February 21, 2017) was an American economist, mathematician and [[political theorist]]. He received the [[John Bates Clark Medal]] in 1957, and the [[Nobel Memorial Prize in Economic Sciences]] in 1972, along with [[John Hicks]].<ref>{{Cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972 |url=https://www.nobelprize.org/prizes/economic-sciences/1972/arrow/facts/ |access-date=2024-11-21 |website=NobelPrize.org |language=en-US}}</ref><ref>{{Cite web |title=John Bates Clark Medal |url=https://www.aeaweb.org/about-aea/honors-awards/bates-clark |access-date=2024-11-21 |website=www.aeaweb.org}}</ref>

In economics, Arrow was a major figure in postwar [[Neoclassical economics|neoclassical]] economic theory. Four of his students ([[Roger Myerson]], [[Eric Maskin]], [[John Harsanyi]], and [[Michael Spence]]) went on to become Nobel laureates themselves. His contributions to [[social choice theory]], notably his "[[Arrow's impossibility theorem|impossibility theorem]]", and his work on [[general equilibrium]] analysis are significant. His work in many other areas of economics, including [[endogenous growth theory]] and [[asymmetric information|the economics of information]], was also foundational.

==Education and early career==
Arrow was born on August 23, 1921, in New York City.<ref name="Maskin"/> Arrow's mother, Lilian (Greenberg), was from [[Iași]], Romania, and his father, Harry Arrow, was from nearby [[Podu Iloaiei]].<ref name="Velupillai">{{cite journal |last1=Velupillai |first1=K. Vela |title=Kenneth Joseph Arrow. 23 August 1921—21 February 2017 |journal=Biographical Memoirs of Fellows of the Royal Society |date=December 2019 |volume=67 |pages=9–28 |doi=10.1098/rsbm.2019.0002 |s2cid=186214334 |language=en |issn=0080-4606|doi-access=free }}</ref><ref>{{cite book |editor-last1=Feiwel |editor-first1=George R. |title=Arrow and the Foundations of the Theory of Economic Policy |date=1 January 2016 |publisher=Springer |isbn=978-1-349-07357-3 |url=https://books.google.com/books?id=ofWvCwAAQBAJ&dq=Lillian+Greenberg+Arrow&pg=PA2 |language=en}}</ref> The family was of [[History of the Jews in Romania|Romanian-Jewish]] descent, and very supportive of Kenneth's education.<ref name="Maskin"/><ref name="bookref1">{{cite book|first=Abu N.M. |last=Wahid|title=Frontiers of Economics: Nobel Laureates of the Twentieth Century |publisher= Greenwood Publishing |year=2002|page = 5|isbn=0-313-32073-X}}</ref><ref name="bookref2">{{cite book|first=Steven|last= Pressman|author-link=Steven Pressman (economist)|title=Fifty major economists: Business & Economics |publisher= [[Routledge|Routledge Publishing]]|year=1999|page = 177|isbn=0-415-13480-3}}</ref> Growing up during the [[Great Depression]], he embraced socialism in his youth. He would later move away from socialism, but his views retained a left-leaning philosophy.<ref name="Econjwatch.org">{{cite journal |last1=Klein |first1=Daniel B. |title=Kenneth J. Arrow [Ideological Profiles of the Economics Laureates] |journal=Econ Journal Watch |date=2013 |volume=10 |issue=3 |pages=268–281 |url=https://econjwatch.org/file_download/715/ArrowIPEL.pdf?mimetype=pdf |access-date=28 March 2023}}</ref>

He graduated from [[Townsend Harris High School]] and then earned a bachelor's degree in mathematics from the [[City College of New York]] in 1940, where he was a member of [[Sigma Phi Epsilon]]. He then attended [[Columbia University]] for graduate studies, obtaining a master's degree in mathematics in June 1941.<ref name=nobel/>  At Columbia, Arrow studied under [[Harold Hotelling]], who influenced him to switch fields to economics.<ref name="Econjwatch.org"/> He served as a weather officer in the [[United States Army Air Forces]] from 1942 to 1946.<ref>{{cite web|title=Kenneth J. Arrow, MA, PhD|url=http://fsi.stanford.edu/people/kenneth_j_arrow|publisher=Stanford University|access-date=1 November 2014}}</ref><ref name="Maskin" />

==Academic career==
From 1946 to 1949 Arrow was a graduate student at Columbia, and also worked as a research associate at the [[Cowles Commission for Research in Economics|Cowles Commission]]. During that time he also was an [[assistant professor]] of economics at the [[University of Chicago]] and worked at the [[RAND Corporation]] in California. He left Chicago to become an acting assistant professor of economics and statistics at [[Stanford University]]. In 1951, he earned his PhD from Columbia.<ref name=nobel>{{Nobelprize}}</ref> He served in the government on the staff of the [[Council of Economic Advisers]] in the 1960s with [[Robert Solow]].<ref>{{cite news |last1=D. |first1=S. |title=The best since the 1960s? |url=https://www.economist.com/free-exchange/2010/02/25/the-best-since-the-1960s |access-date=28 March 2023 |newspaper=The Economist |date=Feb 25, 2010}}</ref> In 1968, he left Stanford for [[Harvard University]], where he was appointed Professor of Economics; it was during his tenure there that he received the Nobel Prize in Economics.<ref name=nobel/>

Arrow returned to Stanford in 1979 and became the Joan Kenney Professor of Economics and Professor of Operations Research. He retired in 1991. As a [[U.S.-Italy Fulbright Commission|Fulbright Distinguished Chair]], in 1995 he taught economics at the [[University of Siena]]. He was also a founding member of the [[Pontifical Academy of Social Sciences]] and a member of the board at the [[Santa Fe Institute]]. At various stages in his career he was a Fellow of [[Churchill College, Cambridge]].<ref name=nobel/>
He was one of the founding editors of the ''[[Annual Review of Economics]]'', which was first published in 2009.<ref>{{cite journal | doi=10.1146/annurev.ec.1.081709.100001|title=Preface|year=2009|last1=Arrow|first1=Kenneth J.|last2=Bresnahan|first2=Timothy|journal=Annual Review of Economics|volume=1|doi-access=free}}</ref>

Four of his former students have gone on to become Nobel Prize winners, namely [[John Harsanyi]], [[Eric Maskin]], [[Roger Myerson]], and [[Michael Spence]].<ref name="Stefancic">{{cite journal |last1=Stefancic |first1=Mitja |title=Review of J. Maesse et al. (2022) "Power and Influence of Economists: Contributions to the Social Studies of Economics" {{!}} World Economics Association |journal=WEA Commentaries |date=July 2021 |volume=11 |issue=2 |pages=11–12 |url=https://www.worldeconomicsassociation.org/newsletterarticles/review-influence-of-economists/ |access-date=28 March 2023}}</ref>
A collection of Arrow's papers is housed at the Rubenstein Library at [[Duke University]].<ref>{{cite web |url=http://library.duke.edu/rubenstein/findingaids/arrow/ |title=Kenneth J. Arrow Papers, 1939–2009. |publisher=Rubenstein Library, Duke University}}</ref>

===Arrow's impossibility theorem===
{{Main|Arrow's impossibility theorem}}
Arrow's monograph ''[[Social Choice and Individual Values]]'' derives from his 1951 [[Doctor of Philosophy|PhD]] thesis.

{{Blockquote|If we exclude the possibility of interpersonal comparisons of utility, then the only methods of passing from individual tastes to social preferences which will be satisfactory and which will be defined for a wide range of sets of individual orderings are either imposed or dictatorial.<ref>{{cite journal |last1=Arrow |first1=Kenneth J. |title=A Difficulty in the Concept of Social Welfare |journal=Journal of Political Economy |date=1950 |volume=58 |issue=4 |pages=328–346 |doi=10.1086/256963 |jstor=1828886 |s2cid=13923619 |url=https://www.jstor.org/stable/1828886 |issn=0022-3808}}</ref>}}

In what he named the General Impossibility Theorem, he theorized that, unless we accept to compare the levels of utility reached by different individuals, it is impossible to formulate a social preference ordering that satisfies all of the following conditions:<ref name=theo/>

# '''Nondictatorship''': The preferences of an individual should not become the group ranking without considering the preferences of others.
# '''Individual Sovereignty''': each individual should be able to order the choices in any way and indicate ties
# '''Unanimity''': If every individual prefers one choice to another, then the group ranking should do the same
# '''Freedom From Irrelevant Alternatives''': If a choice is removed, then the others' order should not change
# '''Uniqueness of Group Rank''': The method should yield the same result whenever applied to a set of preferences.  The group ranking should be transitive.

The theorem has implications for [[welfare economics]] and theories of [[justice]], and for voting theory (it extends the [[Condorcet paradox]]). Following Arrow's logical framework, [[Amartya Sen]] formulated the [[liberal paradox]] which argued that given a status of "Minimal Liberty" there was no way to obtain [[Pareto optimality]], nor to avoid the problem of social choice of neutral but unequal results.<ref name=theo>{{cite web|last1=Morreau|first1=Michael|title=Arrow's Theorem|url=https://plato.stanford.edu/entries/arrows-theorem/|website=The Stanford Encyclopedia of Philosophy|publisher=Metaphysics Research Lab, Stanford University|access-date=25 February 2017|date=1 January 2016}}</ref>

===General equilibrium theory===
{{Main|General equilibrium theory|Arrow–Debreu model}}
Work by Arrow and [[Gérard Debreu]] and simultaneous work by [[Lionel W. McKenzie|Lionel McKenzie]] offered the first [[Arrow–Debreu model|rigorous proofs of the existence of a market clearing equilibrium]].<ref>{{cite book |first1=Andreu |last1=Mas-Colell |first2=Michael D. |last2=Whinston |first3=Jerry R. |last3=Green |title=Microeconomic Theory |location=New York |publisher=Oxford University Press |year=1995 |isbn=0-19-507340-1 |pages=691–93 |url=https://books.google.com/books?id=KGtegVXqD8wC&pg=PA691 }}</ref> For this work and his other contributions, Debreu won the 1983 Nobel Prize in Economics.<ref>{{cite news|title=Gerard Debreu – Biographical|url=https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1983/debreu-bio.html|access-date=25 February 2017|work=nobelprize.org}}</ref> Arrow went on to extend the model and its analysis to include [[uncertainty#Concepts|uncertainty]], the [[Lipschitz continuity|stability]]. His contributions to the general equilibrium theory were influenced by [[Adam Smith]]'s ''[[Wealth of Nations]]''.<ref name="Maskin">{{cite journal |last1=Maskin |first1=Eric S. |title=The Economics of Kenneth J. Arrow: A Selective Review |journal=Annual Review of Economics |date=2 August 2019 |volume=11 |issue=1 |pages=1–26 |doi=10.1146/annurev-economics-080218-030323 |s2cid=164272068 |language=en |issn=1941-1383|doi-access=free }}</ref> Written in 1776, ''The Wealth of Nations'' is an examination of [[economic growth]] brought forward by the division of labor, by ensuring interdependence of individuals within society.<ref>Smith, Adam, and Andrew S. Skinner. The wealth of nations. London: Penguin Books, 1999. Print.</ref>

In 1974, The American Economic Association published the paper written by Kenneth Arrow, ''General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice'', where he states:

{{blockquote|From the time of Adam Smith's ''Wealth of Nations'' in 1776, one recurrent theme of economic analysis has been the remarkable degree of coherence among the vast numbers of individual and seemingly separate decisions about the buying and selling of commodities. In everyday, normal experience, there is something of a balance between the amounts of goods and services that some individuals want to supply and the amounts that other, different individuals want to sell. Would-be buyers ordinarily count correctly on being able to carry out their intentions, and would-be sellers do not ordinarily find themselves producing great amounts of goods that they cannot sell. This experience of balance is indeed so widespread that it raises no intellectual disquiet among laymen; they take it so much for granted that they are not disposed to understand the mechanism by which it occurs.<ref>{{cite journal |last=Arrow |first=Kenneth |title=General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice |journal=[[American Economic Review]] |volume=64 |issue=3 |year=1974 |pages=253–72 |jstor=1808881 }}</ref>}}

===Fundamental theorems of welfare economics===
In 1951, Arrow presented the first and second [[fundamental theorems of welfare economics]] and their proofs without requiring differentiability of utility, consumption, or technology, and including corner solutions.<ref>{{cite web|title=Kenneth Arrow (1921– )|url=http://www.econlib.org/library/Enc/bios/Arrow.html|website=Concise Encyclopedia of Economics|publisher=[[Liberty Fund]]|access-date=18 June 2017|date=2008}}<!-- NOTE: This an original article, not available from other sources. --></ref>

===Endogenous-growth theory===
{{see also|AK model}}
Arrow was one of the precursors of [[endogenous growth theory]], which seeks to explain the source of technical change, which is a key driver of economic growth. Until this theory came to prominence, technical change was assumed to occur [[exogenous variable|exogenously]]—that is, it was assumed to occur outside economic activities, and was outside (exogenous) to common economic models. At the same time there was no economic explanation for ''why'' it occurred. Endogenous-growth theory provided standard economic reasons for why firms innovate, leading economists to think of innovation and technical change as determined by economic actors, that is [[Endogeneity (econometrics)|endogenously]] to economic activities, and thus belong inside the model. Endogenous growth theory started with [[Paul Romer]]'s 1986 paper,<ref>{{cite journal |first=Paul M. |last=Romer |title=Increasing Returns and Long-Run Growth |journal=[[Journal of Political Economy]] |volume=94 |issue=5 |year=1986 |pages=1002–37 |jstor=1833190 |doi=10.1086/261420|s2cid=6818002 |url=http://www.dklevine.com/archive/refs42232.pdf }}</ref> borrowing from Arrow's 1962 "[[learning-by-doing (economics)|learning-by-doing]]" model which introduced a mechanism to eliminate [[diminishing returns]] in aggregate output.<ref name="Maskin"/><ref>{{cite journal |first=Kenneth J. |last=Arrow |title=The Economic Implications of Learning by Doing |journal=[[The Review of Economic Studies]] |volume=29 |issue=3 |year=1962 |pages=155–73 |jstor=2295952 |doi=10.2307/2295952 |s2cid=155029478 }}</ref> A literature on this theory has developed subsequently to Arrow's work.<ref>{{cite book |first1=Robert J. |last1=Barro |first2=Xavier |last2=Sala-i-Martin |title=Economic Growth |location=Cambridge |publisher=MIT Press |edition=2nd |year=2004 |isbn=0-262-02553-1 |pages=212–20 |url=https://books.google.com/books?id=jD3ASoSQJ-AC&pg=PA212 }}</ref>

===Information economics===
In other pioneering research, Arrow investigated the problems caused by [[asymmetric information]] in markets. In many transactions, one party (usually the seller) has more information about the product being sold than the other party. Asymmetric information creates incentives for the party with more information to cheat the party with less information; as a result, a number of market structures have developed, including [[warranty|warranties]] and third party [[authentication]], which enable markets with asymmetric information to function. Arrow analysed this issue for medical care (a 1963 paper entitled "Uncertainty and the Welfare Economics of Medical Care", in the American Economic Review);<ref name="Savedoff">{{cite journal |last1=Savedoff |first1=William D. |title=Kenneth Arrow and the birth of health economics |journal=Bulletin of the World Health Organization |date=February 2004 |volume=82 |issue=2 |pages=139–140 |pmid=15042237 |pmc=2585899 |hdl=10665/269064 |url=https://scielosp.org/article/bwho/2004.v82n2/139-140/ |access-date=27 March 2023 |language=en |issn=0042-9686}}</ref> later researchers investigated many other markets, particularly second-hand assets, online auctions and insurance.

==Awards and honors==
Arrow was awarded the [[John Bates Clark Medal]] in 1957<ref>{{cite web|title=John Bates Clark Medal|url=https://www.aeaweb.org/about-aea/honors-awards/bates-clark|publisher=American Economic Association|access-date=25 February 2017}}</ref> and was elected a Fellow of the [[American Academy of Arts and Sciences]] in 1959.<ref name=AAAS>{{cite web|title=Kenneth Joseph Arrow |url=https://www.amacad.org/person/kenneth-joseph-arrow |publisher=American Academy of Arts and Sciences|access-date=25 April 2011}}</ref> In 1968, he was elected to both the United States [[National Academy of Sciences]]<ref>{{Cite web |title=Kenneth J. Arrow |url=http://www.nasonline.org/member-directory/deceased-members/58161.html |access-date=2022-09-16 |website=National Academy of Sciences}}</ref> and the [[American Philosophical Society]].<ref>{{Cite web |title=Dr. Kenneth J. Arrow |url=https://search.amphilsoc.org/memhist/search?creator=Kenneth+Arrow&title=&subject=&subdiv=&mem=&year=&year-max=&dead=&keyword=&smode=advanced |access-date=2022-09-16 |website=American Philosophical Society Member History}}</ref> He was the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972 and the 1986 recipient of the [[von Neumann Theory Prize]].<ref name=nobel/> He was one of the recipients of the 2004 [[National Medal of Science]], the nation's highest scientific honor, presented by President George W. Bush for his contributions to research on the problem of making decisions using imperfect information and his research on bearing risk.<ref name="Velupillai"/><ref name="Bush">{{cite web |title=The President's National Medal of Science: Recipient Details |url=https://www.nsf.gov/od/nms/recip_details.jsp?recip_id=5100000000424 |website=National Science Foundation |access-date=28 March 2023}}</ref>

He has received [[Honorary degree|honorary doctorates]] from the University of Chicago (1967), the [[University of Vienna]] (1971) the [[City University of New York]] (1972).<ref name=nobel/> On 2 June 1995 he received an honorary doctorate from the Faculty of Social Sciences at [[Uppsala University]], Sweden.<ref>{{cite web |last1=|first1=|title=Honorary Doctors of the Faculty of Social Sciences - Uppsala University, Sweden |url=http://www.uu.se/en/about-uu/traditions/prizes/honorary-doctorates/social-sciences/ |website=Uppsala University |access-date=27 March 2023 |language=en}}</ref> He was elected a [[List of Fellows of the Royal Society elected in 2006|Foreign Member of the Royal Society (ForMemRS)]] in 2006.<ref name="frs">{{cite web |title=Central Secretariat and Library and Information Services List of Fellows of the Royal Society 1660 - 201 |url=https://royalsociety.org/-/media/Royal_Society_Content/about-us/fellowship/Fellows1660-2019.pdf |website=The Royal Society |access-date=28 March 2023|date=February 2020}}</ref>
He was elected to the 2002 class of Fellows of the [[Institute for Operations Research and the Management Sciences]].<ref>{{cite web |title=INFORMS Fellows: Class of 2002 |url=https://www.informs.org/Recognizing-Excellence/Fellows/INFORMS-Fellows-Class-of-2002 |website=INFORMS |access-date=27 March 2023}}</ref> In 2007 he was the first Witten Lecturer at the [[Witten/Herdecke University]] as the awardee of the Witten Lectures in Economics and Philosophy.<ref>{{Cite web |date=2007 |title=Witten Lectures in Economics and Philosophy |url=http://wittenlectures.org/Home.html |access-date=2024-08-19 |website=wittenlectures.org}}</ref>

==Personal life and death==
Arrow was a brother to the economist [[Anita Summers]], uncle to economist and former Treasury Secretary and Harvard President [[Lawrence Summers|Larry Summers]], and brother-in-law of the late economists [[Robert Summers (economist)|Robert Summers]] and [[Paul Samuelson]].<ref name=nyt/> In 1947, he married Selma Schweitzer, graduate in economics at the [[University of Chicago]]<ref>{{cite book |chapter-url=https://books.google.com/books?id=7hgxQyZZnKMC&pg=PR14 |page=xiv |chapter=Kenneth J. Arrow |title=Social Choice and Public Decision Making: Essays in Honor of Kenneth J. Arrow, Volume I |editor1-first=Walter P. |editor1-last=Heller |editor2-first=Ross M. |editor2-last=Starr |editor3-first=David A. |editor3-last=Starrett |publisher=Cambridge University Press |year=1986 |isbn=0-521-30454-7}}</ref> and psychotherapist, who died in 2015; they had two children, David Michael (b. 1962), an actor,<ref>{{IMDb name|0037392|David Arrow}}</ref> and Andrew Seth (b. 1965), an actor/singer.<ref name=nobel/>

Arrow died in his [[Palo Alto, California]], home on February 21, 2017, at the age of 95.<ref name=nyt>{{cite news|last1=Weinstein|first1=Michael M.|title=Kenneth Arrow, Nobel-Winning Economist Whose Influence Spanned Decades, Dies at 95|url=https://www.nytimes.com/2017/02/21/business/economy/kenneth-arrow-dead-nobel-laureate-in-economics.html|access-date=21 February 2017|work=[[The New York Times]]|date=21 February 2017}}</ref>

== Publications ==
{{Div col|colwidth=35em}}
* {{Cite journal |last=Arrow |first=Kenneth J. |title=Alternative approaches to the theory of choice in risk-taking situations |journal=[[Econometrica]] |volume=19 |issue=4 |pages=404–37 |publisher=The Econometric Society |doi=10.2307/1907465 |jstor=1907465 |date=1951a}}
* {{cite book |last=Arrow |first=Kenneth J. |title=Social Choice and Individual Values |publisher=J. Wiley / Chapman & Hall |location=New Haven, New York / London |year=1951b |edition=1st |oclc=892549124 |title-link=Social Choice and Individual Values}}
::Reprinted as: {{cite book |last=Arrow |first=Kenneth J. |title=Social Choice and Individual Values |publisher=Yale University Press |location=New Haven |year=1963 |edition=2nd |isbn=9780300013641 |title-link=Social Choice and Individual Values}}
* {{Cite journal |last1=Arrow |first1=Kenneth J. |last2=Harris |first2=Theodore |last3=Marschak |first3=Jacob |author-link2=Ted Harris (mathematician) |author-link3=Jacob Marschak |title=Optimal inventory policy |journal=[[Econometrica]] |volume=19 |issue=3 |pages=250–72 |publisher=The Econometric Society |doi=10.2307/1906813 |jstor=1906813 |date=July 1951 |s2cid=51766626 }}
* {{cite book |last1=Arrow |first1=Kenneth J. |last2=Hurwicz |first2=Leonid |author-link2=Leonid Hurwicz |title=Hurwicz's optimality criterion for decision making under ignorance |series=Technical Report 6 |publisher=[[Stanford University]] |date=1953}}
::Also available as: {{Cite book |last1=Arrow |first1=Kenneth J. |last2=Hurwicz |first2=Leonid |author-link2=Leonid Hurwicz |title=Appendix: An optimality criterion for decision-making under ignorance |pages=461–72 |publisher=Cambridge Books Online |doi=10.1017/CBO9780511752940.015 |date=1977 |isbn=9780511752940}}
::and as: {{citation |last1=Arrow |first1=Kenneth J. |last2=Hurwicz |first2=Leonid |author-link2=Leonid Hurwicz |contribution=Appendix: An optimality criterion for decision-making under ignorance |editor-last1=Arrow |editor-first1=Kenneth J. |editor-last2=Hurwicz |editor-first2=Leonid |editor-link2=Leonid Hurwicz |title=Studies in resource allocation processes |pages=461–72 |publisher=Cambridge University Press |location=Cambridge New York |year=1977 |isbn=9780521215220 |postscript=.}}
* {{Cite journal |last1=Arrow |first1=Kenneth J. |last2=Debreu |first2=Gérard |author-link2=Gérard Debreu |title=Existence of an equilibrium for a competitive economy |journal=[[Econometrica]] |volume=22 |issue=3 |pages=265–90 |publisher=The Econometric Society |doi=10.2307/1907353 |jstor=1907353 |date=July 1954}}
* {{Cite journal |last=Arrow |first=Kenneth J. |title=Functions of a theory of behaviour under uncertainty |journal=Metroeconomica |volume=11 |issue=1–2 |pages=12–20 |publisher=Wiley |doi=10.1111/j.1467-999X.1959.tb00258.x |date=February 1959a}}
* {{citation |last=Arrow |first=Kenneth J. |contribution=Toward a theory of price adjustment |editor-last1=Abramovitz |editor-first1=Moses |editor-link1=Moses Abramovitz |display-editors=etal |title=The allocation of economic resources: essays in honor of Bernard Francis Haley |publisher=[[Stanford University Press]] |location=Stanford, California |date=1959b |oclc=490147128 |postscript=.}}
* {{citation |last=Arrow |first=Kenneth J. |contribution=Price-quantity adjustments in multiple markets with rising demands |editor-last1=Arrow |editor-first1=Kenneth J. |editor-last2=Karlin |editor-first2=Samuel |editor-last3=Suppes |editor-first3=Patrick |editor-link1=Kenneth Arrow |editor-link2=Samuel Karlin |editor-link3=Patrick Suppes |title=Mathematical models in the social sciences, 1959: Proceedings of the first Stanford symposium |pages=3–15 |publisher=Stanford University Press |location=Stanford, California |series=Stanford mathematical studies in the social sciences, IV |year=1960 |isbn=9780804700214 |postscript=.}}
* {{cite book |last1=Arrow |first1=Kenneth J. |last2=Suppes |first2=Patrick |last3=Karlin |first3=Samuel |author-link2=Patrick Suppes |author-link3=Samuel Karlin |title=Mathematical models in the social sciences, 1959: Proceedings of the first Stanford symposium |publisher=Stanford University Press |location=Stanford, California |year=1960 |isbn=9780804700214}}
::Including: Arrow, Kenneth J. ''Price-quantity adjustments in multiple markets with rising demands'', pp. 3–15.
* {{Cite journal |last=Arrow |first=Kenneth J. |title=The economic implications of learning by doing |journal=[[The Review of Economic Studies]] |volume=29 |issue=3 |pages=155–73 |publisher=Oxford Journals |doi=10.2307/2295952 |date=June 1962 |jstor=2295952 |s2cid=155029478 }}
* {{Cite journal |last=Arrow |first=Kenneth J. |title=Uncertainty and the welfare economics of medical care |journal=[[American Economic Review]] |volume=53 |issue=5 |pages=941–73 |publisher=American Economic Association |date=December 1963 |jstor=1812044 |url=http://sws1.bu.edu/ellisrp/EC387/Papers/1963Arrow_AER.pdf |url-status=dead |archive-url=https://web.archive.org/web/20110511142954/http://sws1.bu.edu/ellisrp/EC387/Papers/1963Arrow_AER.pdf |archive-date=11 May 2011}}
* {{citation |last=Arrow |first=Kenneth J. |contribution=Economic equilibrium |editor-last1=Merton |editor-first1=Robert K. |editor-last2=Sills |editor-first2=David L. |editor-link1=Robert K. Merton |title=International encyclopedia of the social sciences (vol. 4) |pages=376–88 |publisher=Macmillan and the [[Free Press (publisher)|Free Press]] |location=London and New York |date=1968 |oclc=310091393 |postscript=. |title-link=International Encyclopedia of the Social Sciences}}
* Arrow also published an article, along with [[Hollis B. Chenery]], [[Bagicha S. Minhas]], and [[Robert M. Solow]],  pseudonymously under the name [[Archen Minsol]], who it was claimed was at the (fictional) University of [[Lower Slobbovia]]. The publication produced was: {{Cite journal |last=Minsol |first=A |date=1968|title=Some Tests of the International Comparisons of Factor Efficiency with the CES Production Function: A Reply.|journal=The Review of Economic Studies', 477–479.s |volume=50| issue =  4 (Nov.) |pages=477–479}}.<ref>See page 236 in Düppe, T., & Weintraub, E. R. (2014). Finding equilibrium: Arrow, Debreu, McKenzie and the problem of scientific credit. Princeton University Press.</ref>
* {{citation |last=Arrow |first=Kenneth J. |contribution=The organization of economic activity: issues pertinent to the choice of market versus non-market allocations |editor-last1={Papers} |title=The analysis and evaluation of public expenditures: the PPB system; a compendium of papers submitted to the Subcommittee on Economy in Government of the Joint Economic Committee, Congress of the United States |volume=1 |pages=47–64 |publisher=[[United States Government Publishing Office|Government Printing Office]] |location=Washington, D.C. |date=1969 |oclc=26897 |postscript=. |title-link=United States Congressional Joint Economic Committee}}
::Reprinted as: {{citation |last=Arrow |first=Kenneth J. |contribution=The organization of economic activity: issues pertinent to the choice of market versus non-market allocations |editor-last1=Arrow |editor-first1=Kenneth J. |title=Collected papers of Kenneth J. Arrow, volume 2: general equilibrium |pages=133–55 |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1983b |isbn=9780674137615 |postscript=.}}
::Also reprinted as a [http://www.econ.ucsb.edu/~tedb/Courses/UCSBpf/readings/ArrowNonMktActivity1969.pdf pdf.]
* {{cite book |last=Arrow |first=Kenneth J. |title=Essays in the theory of risk-bearing |url=https://archive.org/details/essaysintheoryof0000arro |url-access=registration |publisher=[[North-Holland Pub. Co.]] |location=Amsterdam |year=1970 |isbn=9780720430479}}
* {{cite book |last1=Arrow |first1=Kenneth |last2=Hahn |first2=Frank |author-link2=Frank Hahn |title=General competitive analysis |url=https://archive.org/details/generalcompetiti0000arro |url-access=registration |publisher=Holden-Day |location=San Francisco |year=1971 |isbn=9780816202751}}
* {{citation |last1=Arrow |first1=Kenneth J. |last2=Hurwicz |first2=Leonid |author-link2=Leonid Hurwicz |contribution=Decision making under ignorance |editor-last1=Carter |editor-first1=C. F. |editor-last2=Ford |editor-first2=J. L. |editor-link1=Charles Frederick Carter |title=Uncertainty and expectations in economics: essays in honour of G.L.S. Shackle |publisher=[[Basil Blackwell]] / [[Augustus M. Kelley]] |location=Oxford / New York |year=1972 |isbn=9780631141709 |postscript=.}}
* {{cite book |last=Arrow |first=Kenneth J. |title=The limits of organization |url=https://archive.org/details/limitsoforganiza00kenn |url-access=registration |publisher=Norton |location=New York |year=1974 |isbn=9780393093230}}
* {{Cite journal |last=Arrow |first=Kenneth J. |title=Extended sympathy and the possibility of social choice |journal=[[American Economic Review]] |volume=67 |issue=1 |pages=219–25 |publisher=American Economic Association |date=February 1977 |jstor=1815907}}
::Reprinted as: {{citation |last=Arrow |first=Kenneth J. |contribution=Extended sympathy and the possibility of social choice |editor-last1=Arrow |editor-first1=Kenneth J. |title=Collected papers of Kenneth J. Arrow, volume 1: social Choice and justice |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1983a |isbn=9780674137608 |postscript=.}}
* {{cite book |last1=Arrow |first1=Kenneth J. |last2=Intriligator |first2=Michael D. |author-link2=Michael Intriligator |title=Handbook of mathematical economics |publisher=Elsevier North-Holland |location=Amsterdam New York, New York |year=1981 |series=[[Economics handbooks|Handbook of Economics Series]] |isbn=9780444861269}}
* {{cite book |last=Arrow |first=Kenneth J. |title=Collected papers of Kenneth J. Arrow |publisher=[[Harvard University Press]] |location=Cambridge, Massachusetts}}:
::{{cite book |last=Arrow |first=Kenneth J. |title=Collected papers of Kenneth J. Arrow, volume 1: social Choice and justice |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1983a |isbn=9780674137608}}
::{{cite book |last=Arrow |first=Kenneth J. |title=Collected papers of Kenneth J. Arrow, volume 2: general equilibrium |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1983b |isbn=9780674137615}}
::{{cite book |last=Arrow |first=Kenneth J. |url=https://www.hup.harvard.edu/catalog.php?isbn=9780674137622 |title=Collected papers of Kenneth J. Arrow, volume 3: individual choice under certainty and uncertainty |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1984a |isbn=9780674137622}}
::{{cite book |last=Arrow |first=Kenneth J. |title=Collected papers of Kenneth J. Arrow, volume 4: the economics of information |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1984b |isbn=9780674137639}}
::{{cite book |last=Arrow |first=Kenneth J. |title=Collected papers of Kenneth J. Arrow, volume 5: production and capital |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1985a |isbn=9780674137776}}
::{{cite book |last=Arrow |first=Kenneth J. |url=https://www.hup.harvard.edu/catalog.php?isbn=9780674137783 |title=Collected papers of Kenneth J. Arrow, volume 6: applied economics |publisher=Belknap Press |location=Cambridge, Massachusetts |year=1985b |isbn=9780674137783}}
* {{citation |last=Arrow |first=Kenneth J. |contribution=Rationality of self and others in an economic system |editor-last1=Hogarth |editor-first1=Robin M. |editor-last2=Reder |editor-first2=Melvin W. |title=Rational choice: the contrast between economics and psychology |pages=201–16 |publisher=[[University of Chicago Press]] |location=Chicago |year=1987 |isbn=9780226348575 |postscript=.}}
* {{cite book |editor-last1=Arrow |editor-first1=Kenneth J. |editor-last2=Anderson |editor-first2=Philip W. |editor-last3=Pines |editor-first3=David |editor-link2=Philip W. Anderson |editor-link3=David Pines |title=The economy as an evolving complex system: the proceedings of the Evolutionary Paths of the Global Economy Workshop, held September, 1987 in Santa Fe, New Mexico |publisher=Addison-Wesley Pub. Co. |location=Redwood City, California |year=1988 |isbn=9780201156850}} [https://books.google.com/books?id=F7FuCV5-B8gC Book details.]
* {{Cite journal |last1=Arrow |first1=Kenneth J. |last2=Intriligator |first2=Michael D. |last3=Harberger |first3=Arnold C. |last4=Wolf, Jr. |first4=Charles |last5=Tullock |first5=Gordon |author-link2=Michael Intriligator |author-link3=Arnold Harberger |author-link5=Gordon Tullock |title=Economic integration and the future of the nation-state |journal=[[Contemporary Economic Policy]] |volume=11 |issue=2 |pages=1–22 |publisher=[[Wiley-Blackwell|Wiley]] |doi=10.1111/j.1465-7287.1993.tb00376.x |date=April 1993}}
* {{Cite journal |last=Arrow |first=Kenneth J. |title=Methodological individualism and social knowledge (Richard T. Ely Lecture) |journal=[[American Economic Review]] |volume=84 |issue=2 |pages=1–9 |publisher=American Economic Association |date=May 1994 |jstor=2117792 |url=http://socsci2.ucsd.edu/~aronatas/project/academic/Arrow%20on%20meth.%20indiv.pdf}}
* {{citation |author-last=Arrow |author-first=Kenneth J. |contribution=Arrow's theorem |editor-last1=Durlauf |editor-first1=Steven N. |editor-last2=Blume |editor-first2=Lawrence E. |editor-link1=Steven Durlauf |editor-link2=Lawrence E. Blume |title=The new Palgrave dictionary of economics (8 volume set) |publisher=[[Palgrave Macmillan]] |location=Basingstoke, Hampshire New York |edition=2nd |year=2008 |isbn=9780333786765 |postscript=. |title-link=The New Palgrave Dictionary of Economics}}
::Also available online as: {{Cite book |last=Arrow |first=Kenneth J. |chapter=Arrow's theorem |title=[[The New Palgrave Dictionary of Economics]] |edition=2nd |publisher=[[Palgrave Macmillan]] |doi=10.1057/9780230226203.0061 |date=2008 |pages=241–245 |isbn=978-0-333-78676-5}}
* {{citation |author-last=Arrow |author-first=Kenneth J. |contribution=[[Harold Hotelling|Hotelling, Harold (1895–1973)]] |editor-last1=Durlauf |editor-first1=Steven N. |editor-last2=Blume |editor-first2=Lawrence E. |editor-link1=Steven Durlauf |editor-link2=Lawrence E. Blume |title=The new Palgrave dictionary of economics (8 volume set) |publisher=[[Palgrave Macmillan]] |location=Basingstoke, Hampshire New York |edition=2nd |year=2008 |isbn=9780333786765 |postscript=. |title-link=The New Palgrave Dictionary of Economics}}
::Also available online as: {{Cite book |last=Arrow |first=Kenneth J. |chapter=Hotelling, Harold (1895–1973) |title=[[The New Palgrave Dictionary of Economics]] |edition=2nd |publisher=[[Palgrave Macmillan]] |doi=10.1057/9780230226203.0747 |date=2008 |pages=73–75 |isbn=978-0-333-78676-5}}
* {{cite book |last1=Arrow |first1=Kenneth J. |last2=Debreu |first2=Gérard |author-link2=Gérard Debreu |title=Landmark papers in general equilibrium theory, social choice and welfare |publisher=[[Edward Elgar Publishing]] |location=Cheltenham, UK Northampton, Massachusetts, USA |year=2001 |isbn=9781840645699}}
* {{Cite journal |last=Arrow |first=Kenneth J. |title=Some developments in economic theory since 1940: an eyewitness account |journal=Annual Review of Economics |volume=1 |pages=1–16 |publisher=Wiley |doi=10.1146/annurev.economics.050708.143405 |date=June 2009}}
* {{cite book |last1=Arrow |first1=Kenneth J. |last2=Anderson |first2=Philip W. |last3=Pines |first3=David |author-link2=Philip W. Anderson |author-link3=David Pines |title=The economy as an evolving complex system: the proceedings of the evolutionary paths of the global economy workshop, held September, 1987 in Santa Fe, New Mexico |publisher=Addison-Wesley Pub. Co |location=Redwood City, California |year=1988 |isbn=9780201156850}}
* {{Cite journal |last1=Arrow |first1=Kenneth J. |last2=Bensoussan |first2=Alain |last3=Feng |first3=Qi |last4=Sethi |first4=Suresh P. |author-link4=Suresh P. Sethi |title=Optimal Savings and the value of population |journal=[[PNAS]] |volume=104 |issue=47 |pages=18421–18426 |doi=10.1073/pnas.0708030104 |pmid=17984059 |date=2007 |pmc=2141792 |bibcode=2007PNAS..10418421A |doi-access=free}}
{{Div col end}}

==See also==
* [[Arrow information paradox]]
* [[Arrow–Lind principle]]
* [[List of economists]]
* [[List of Jewish Nobel laureates]]
* [[List of think tanks]]

==References==
{{Reflist|30em}}

==External links==
{{Wikiquote}}
* [https://archives.lib.duke.edu/catalog/arrow Kenneth J. Arrow papers, 1921-2017], [[Duke University]]
* [https://www.informs.org/About-INFORMS/History-and-Traditions/Biographical-Profiles/Arrow-Kenneth-J Biography of Kenneth J. Arrow] from the Institute for Operations Research and the Management Sciences
* {{Nobelprize}}
*[https://exhibits.stanford.edu/oral-history/catalog/vy756pc5317 Kenneth Arrow: An Oral History], Stanford Historical Society Oral History Program, 2011
*[https://exhibits.stanford.edu/oral-history/catalog/nm863fs0640  Kenneth J. Arrow: An Oral History], Stanford Historical Society Oral History Program, 2016

{{S-start}}
{{s-ach|aw}}
{{s-bef | before = [[Simon Kuznets]] }}
{{s-ttl | title = [[List of Nobel Memorial Prize laureates in Economics|Laureate of the Nobel Memorial Prize in Economics]] | years = 1972 |alongside= [[John Hicks|John R. Hicks]] }}
{{s-aft | after = [[Wassily Leontief]] }}
{{S-end}}

{{Nobel Memorial Prize in Economic Sciences laureates}}
{{1972 Nobel Prize winners}}
{{Winners of the National Medal of Science|behav-social}}
{{John Bates Clark Medal recipients}}
{{John von Neumann Award recipients}}
{{John von Neumann Lecturers}}
{{John von Neumann Theory Prize recipients}}
{{Presidents of the Econometric Society}}
{{Presidents of the American Economic Association}}
{{Presidents of the International Economic Association}}
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{{DEFAULTSORT:Arrow, Kenneth}}
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