DOI link to open access article:
Kenneth Arrow's Last Theorem
Paul Milgrom
Journal of Mechanism and Institution Design
Volume 9, issue 1, pages 7-11 (December 2024)
doi: 10.22574/jmid.2024.12.002
In Kenneth Arrow's last week of life at age 95, he reported that "I began my research career with an impossibility theorem. If I had time now, my last theorem would be an impossibility theorem about social choice for environmental policy." This paper completes the formalization, proof, and discussion of the theorem that Arrow then described.
Keywords: Impossibility theorem, environmental economics.
JEL Classification Numbers: D63, Q00.