Kenneth Arrow

Kenneth Joseph Arrow was an American economist, born in New York on 23 August 1921 and died in Palo Alto, California, on 21 February 2017. He studied at Columbia, worked as a research associate at the Cowles Commission at the University of Chicago and at the RAND Corporation, and received his Ph.D. from Columbia in 1951. He was a major figure in neoclassical economic theory. He shared the 1972 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for pioneering contributions to general economic equilibrium theory and welfare theory, and he is most famous for his impossibility theorem on combining individual preferences into a common choice.