Kenneth Arrow

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Kenneth Joseph Arrow (born August 23, 1921) is an American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51.

In economics, he is considered an important figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves.

His most significant works are his contributions to Public Choice Theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information.


  • Arrow, Kenneth J., 1951a, “Alternative approaches to the theory of choice in risk-taking situations,” Econometrica, 19: 404-437
  • Arrow, Kenneth J., Social Choice and Individual Values.   Wiley, New York . ISBN 0-300-01364-7.
  • Arrow, Kenneth J., 1953, “Hurwicz’s optimality criterion for decision making under ignorance,” Technical Report 6, Stanford University
  • Arrow, Kenneth J. and Gerard Debreu Existence of a Competitive Equilibrium for a Competitive Economy.   Econometrica, Vol. 22, No. 3. pp. 265–90
  • Arrow, Kenneth J., 1959a, “Functions of a theory of behaviour under uncertainty,” Metroeconomica, 11: 12-20
  • Arrow, Kenneth J., 1959b, “Toward a Theory of Price Adjustment.” In Moses Abramovitz et al., eds. The Allocation of Economic Resources: Essays in Honor of Bernard Francis Haley. Stanford: Stanford University Press
  • _____, The Economic Implications of Learning by Doing.   The Review of Economic Studies, Vol. 29, No. 3. pp. 155–73
  • Arrow, Kenneth J. Uncertainty and the Welfare Economics of Medical Care.   , pp. 941–973 (press +).
  • Arrow, Kenneth J., 1968, “Economic Equilibrium.” In D. L. Sills (ed.) International Encyclopedia of the Social Sciences 4: 376–88. London and New York: Macmillan and the Free Press.
  • Arrow, Kenneth J., 1969. "The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Non-market Allocations," in Analysis and Evaluation of Public Expenditures: The PPP System, Volume 1, pp. 47–64. Washington, D.C., Government Printing Office, Washington, PDF reprint as pp. 1-16 (press +) and in Arrow, 1983b, ch. 7, pp. 133–55.
  • Arrow, Kenneth J. Essays in the Theory of Risk-Bearing.   North-Holland Pub. Co., Amsterdam
  • Arrow, Kenneth J. and Frank Hahn General Competitive Analysis.   Holden-Day, San Francisco . ISBN 0816202753.
  • Arrow, Kenneth J., and Hurwicz, L. (1972) “Decision making under ignorance,” in C. F. Carter and J.L. Ford (eds.), Uncertainty and Expectations in Economics. Essays in Honour of G.L.S. Shackle. Oxford: Basil Blackwell.
  • Arrow, Kenneth J. The Limits of Organization.   Norton, New York . ISBN 0-393-09323-9.
  • Arrow, Kenneth J., 1977. "Extended Sympathy and the Possibility of Social Choice," American Economic Review, 67(1), p p. 219-225. Reprinted in Arrow. 1983a, pp. p. 147-61. ISBN 0-674-13760-4
  • Arrow, Kenneth J. Collected Papers of Kenneth J. Arrow, Harvard University Press:
1983a, v. 1. Social Choice and Justice. Description and chapter-preview links. ISBN 0-674-13760-4
1983b, v. 2. General Equilibrium. Description and scroll to chapter-preview links.
1984a, v. 3. Individual Choice under Certainty and Uncertainty. Description and scroll to chapter-preview links.
1984b, v. 4. The Economics of Information. Description and chapter-preview links.
1985a, v. 5. Production and Capital. Description and chapter-preview links.
1985b, v. 6. Applied Economics. Description and scroll to chapter-preview links.
  • Arrow, Kenneth J. (1987). “Rationality of self and others in an economic system,” in R. M. Hogarth and M. W. Reder (eds.), Rational Choice. Chicago: The University of Chicago Press.
  • Arrow, Kenneth J. (1994). "Methodological Individualism and Social Knowledge," American Economic Review, 84(2), pp. 1-9
  • Arrow, Kenneth J. (2008). "Arrow's theorem." (Abstract) & "Hotelling, Harold (1895–1973)." (Abstract) in The New Palgrave Dictionary of Economics, 2nd Edition. Eds. Steven N. Durlauf and Lawrence E. Blume, Palgrave Macmillan Publishing,
  • Kenneth J. Arrow and Gérard Debreu, ed. (2002)Landmark Papers in General Equilibrium Theory, Social Choice and Welfare, Edward Elgar Publishing. ISBN 978 1 84064 569 9.
  • Arrow, Kenneth J. Some Developments in Economic Theory Since 1940: An Eyewitness Account.  . pp. 1