meaning of Arrow's impossibility theorem

Arrow's impossibility theorem meaning in Law Dictionary

the idea that no election is influenced because of the voting technique used. The criteria of unrestricted domain, nondictatorship, paret efficienty, and autonomy of unimportant alternative are used to figure out the quality of the voting method.

Arrow's impossibility theorem meaning in Business Dictionary

A theory by Kenneth Arrow which states that there surely is no preferential voting method that fairly determines the consequence of an election that involves three or even more candidates while fulfilling criteria. The criteria are unrestricted domain, non-dictatorship, Pareto performance and self-reliance of unimportant options.