Kenneth Joseph Arrow Quote
In 1963 and later papers, I pointed out that the special market characteristics of medical care and medical insurance could be explained by reference to differences in information among the parties involved.
Kenneth Joseph Arrow
In 1963 and later papers, I pointed out that the special market characteristics of medical care and medical insurance could be explained by reference to differences in information among the parties involved.
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About Kenneth Joseph Arrow
In economics, Arrow was a major figure in postwar neoclassical economic theory. Four of his students (Roger Myerson, Eric Maskin, John Harsanyi, and Michael Spence) went on to become Nobel laureates themselves. His contributions to social choice theory, notably his "impossibility theorem", and his work on general equilibrium analysis are significant. His work in many other areas of economics, including endogenous growth theory and the economics of information, was also foundational.