Question

While an undergraduate in a class taught by this professor, Ross Starr first proposed what became the Shapley-Folkman lemma. This economist names a type of idealized security that pays either one unit of something or zero based on whether a defined state price is reached. An economy based entirely on such securities is described in a model sometimes co-named for Lionel McKenzie, a French-born economist, and this man, which describes the set of prices at which aggregate supply equals aggregate demand for every quantity. This man's thesis Social Choice and Individual Values lists unanimity (10[1])and independence of irrelevant alternatives (10[1])as two of five criteria (10[1])that cannot be satisfied by ranking social preferences. (10[1])For 10 points, identify this namesake of a general equilibrium model (-5[1])with Gérard (-5[2])Debreu and an ■END■

ANSWER: Kenneth Arrow [Kenneth Joseph Arrow]
<Matt Weiner , Social Science - Economics>
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2023 NASAT06/17/2023Y9100%0%33%118.11

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