The simplest example is Condorcet’s paradox, named after an eighteenth-century French mathematician. It would seem, therefore, that a majority would prefer Bush to Perot. One clear-cut implication of this finding is that the government should not control prices to redistribute income, but instead, if it redistributes at all, should do so directly. 1971, Essays in the theory of risk-bearing [by] Kenneth J. Based on series of Yrjo Jahnsson lectures delivered 1963 in Helsinki, Finland, and published in 1965 under title: Aspects of the theory of risk-bearing. It has implications for the value of technology and innovations as well as their development by more than one firm and for the need for and limitations of patent protection.Arrow's information paradox theory was set out in a 1962 paper.https://au/nla.cat-vn1070380 Arrow, Kenneth Joseph. Essays in the theory of risk-bearing [by] Kenneth J. His basic idea was that as producers increase output of a product, they gain experience and become more efficient. “The role of experience in increasing has not gone unobserved,” he wrote, “though the relation has yet to be absorbed into the main corpus of economic theory.” More than forty years after Arrow’s article, the learning curve insight has still not been fully integrated into mainstream economic analysis. in social science at the City College of New York and his M. The economic approach to individual decision-making is derived from the interplay of preferences, constraints, and beliefs.This approach, when combined with the conceptualisation of observed outcomes for an economic environment as equilibria, allows for clear understanding of how markets create and adjudicate interdependences in these decisions.