Arrow's impossibility theorem holds true in real-world decision-making.
The article explores how well Arrow's impossibility theorem can explain real human decision-making. By allowing individuals to have their own sets of alternatives, the researchers found that Arrow's framework doesn't always work because a universal social ordering of all alternatives is not always possible. This means that Arrow's impossibility result holds true not just in theory but also in reality, especially in cases of illogical decision-making like cyclical decision-making and strategic negotiation.