Kenneth J. Arrow, MA, PhD
- Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus
- Stanford Health Policy Fellow
- FSI Senior Fellow by courtesy
Stanford, CA 94305-6072
Kenneth Arrow is the Joan Kenney Professor of Economics and Professor of Operations Research, emeritus; a CHP/PCOR fellow; and an FSI senior fellow by courtesy. He is a Nobel Prize-winning economist whose work has been primarily in economic theory and research operations, focusing on areas including social choice theory, risk bearing, medical economics, general equilibrium analysis, inventory theory, and the economics of information and innovation. He was one of the first economists to note the existence of a learning curve, and he also showed that under certain conditions an economy reaches a general equilibrium. In 1972, together with Sir John Hicks, he won the Nobel Prize in economics, for his pioneering contributions to general equilibrium theory and welfare theory.
Arrow has served on the economics faculties of the University of Chicago, Harvard and Stanford. Prior to that, he served as a weather officer in the U.S. Air Corps (1942-46), and a research associate at the Cowles Commission for Research in Economics (1947-49). In addition to the Nobel Prize, he has received the American Economic Association's John Bates Clark Medal as well as the National Medal of Science. He is a member of the National Academy of Sciences and the Institute of Medicine. He received a BS from City College, an MA and PhD from Columbia University, and holds approximately 20 honorary degrees.