Arrow's impossibility theorem
Background

Arrow's theorem falls under the branch of welfare economics called social choice theory, which deals with aggregating preferences and beliefs to make optimal decisions. The goal of social choice is to identify a social choice rule, a mathematical function that determines which of two outcomes or options is better, according to all members of a society. Such a procedure can be a market, voting system, constitution, or even a moral or ethical framework. Ideally, such a procedure should satisfy the properties of rational choice and avoid any kind of self-contradiction.
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