Social Choice and Behavioral Economics - A Tribute to K. J. Arrow

Call for papers for: Asian Journal of Economics and Banking


for a special issue of Asian Journal of Economics and Banking (AJEB)

on Social Choice and Behavioral Economics - A Tribute to K. J. Arrow



Professor Vladik Kreinovich

[email protected]

University of Texas at El Paso, USA


As you probably know, in 2021, we will be celebrating the 100th anniversary of the Nobelist Kenneth Arrow. Professor Arrow worked on many different aspects of economics. To commemorate his contributions, the Asian Journal of Economics and Banking (AJEB) plans to have a special issue on topics related to his research.



Arrow's most well-known result -- the famous impossibility theorem, contained in his book Social Choice and Individual Values -- that it is impossible to have a consistent rule combining individual preferences into a group choice. This impossibility to have a well-prescribed behavior -- and the resulting need to analyze how people actually make decisions -- can be viewed as one of the motivations behind behavioral economics when we study how people make decisions and take this into account when making economics predictions.

Professor Arrow also contributed to many other areas of economics, including:

  • General equilibrium theory
  • Decision-making under uncertainty
  • Imperfect information
  • Economics of knowledge
  • Challenging and broadening economic theory

Each of these topics -- or any other topic related to Kenneth Arrow's legacy -- is welcome for this special issue.


Arrow's most well-known works include:

Arrow, K J (1951a), Social Choice and Individual Values, New York: Wiley.

Arrow, K J (1951b), “An Extension of the Basic Theorems of Classical Welfare Economics”, in J Neyman (ed.) Proceedings of the Second Berkeley Symposium on Mathematical Statistics and Probability, Berkeley and Los Angeles: University of California Press.

Arrow, K J and G Debreu (1954) “Existence of Equilibrium for a Competitive Economy”, Econometrica 22: 265-90.

Arrow, K J (1962a), “Economic Welfare and the Allocation of Resources for Inventions”, in The Rate and Direction of Inventive Activity: Economic and Social Factors edited by R. R. Nelson, Princeton: Princeton University Press.

Arrow, K J (1962b), “The Economic Implications of Learning by Doing”, Review of Economic Studies 29: 155-73.

Arrow, K J (1963), “Uncertainty and the Welfare Economics of Medical Care”, American Economic Review 53, 941-73.

Arrow, K J (1964), “The Role of Securities in the Optimal Allocation of Risk-Bearing”, Review of Economic Studies 31: 91-96.

Arrow, K J (1965), “Aspects of the Theory of Risk-Bearing”, Helsinki: Yrjo Jahnsson Lectures.

Arrow, K J (1971), Essays in the Theory of Risk-Bearing, Chicago: Markham; Amsterdam and London: North-Holland.

Arrow, K J (1973), “The Theory of Discrimination”, in O Ashenfelter and A Rees (eds), Discrimination in Labor Markets, Princeton University Press.

Arrow, K J (1974), The Limits of Organization, New York: WW Norton & Company.




AJEB extends submission deadlines in response to the complicated situation of COVID-19 Pandemic.


Paper submission deadline:

  1. Invited papers*: June 30, 2021
  2. Regular papers*: June 30, 2021

Submission of revised versions: August 1, 2021

Final version sent to journal: August 31, 2021

Special issue published: November, 2021


*Authors of invited and regular papers accepted for the special issue will be awarded 500 USD and 200 USD, respectively.



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