Nobel Prize in Economics
The prize commonly called the Nobel Prize in Economics is officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Established by Sweden’s central bank in 1968, it was not one of the original prizes created by Nobel’s will.
Economist Kenneth Arrow mathematically proved in his doctoral thesis that no voting system with three or more candidates can satisfy all basic fairness conditions for democracy at once. This "impossibility theorem" earned him the Nobel Prize in Economics.
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