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Kenneth Arrow’s Ignored Impossibility Theorem

Wednesday, February 22, 2017 23:43
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from William K. Black, New Economic Perspectives

Kenneth Arrow, one of the giants of economics, has died at the age of 95. He became a Nobel Laureate in 1972. As a young lawyer in 1977, I saw him in action as an expert witness on the subject of risk. The context was setting the rates for shipping oil through the Trans-Alaska Pipeline System (TAPs). Arrow testified about the risks of oil prices falling. The FERC administrative law judge thought such a scenario was ridiculous. Within four years, oil prices fell sharply. Arrow’s experience was a common one for economists dealing with lawyers – the ALJ ignored him.

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Source: http://econintersect.com/pages/opinion/opinion.php?post=201702230019

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