United States, Economist August 23, 1921 – February, 21, 2017.
Kenneth Joseph "Ken" Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.
Also known as Mathematician, Writer
That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.
Any purchase is one for the future. If you buy a refrigerator, you are making a commitment to the future so that you have food to eat for the next ten years.
Decision theory, as it has grown up in recent years, is a formalization of the problems involved in making optimal choices. In a certain sense - a very abstract sense, to be sure - it incorporates among others operations research, theoretical economics, and wide areas of statistics, among others.
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