A social-choice paradox which states that there is no procedure for ensuring all reasonable assumptions of unrestricted domain, non-dictatorship, independence of irrelevant alternatives and Pareto efficiency are satisfied whenever a choice of three or more alternatives is presented. In any scenario, it is not possible to fulfil all three of these assumptions.
Diagrams
Originated from/Coined by
Kenneth Arrow
Further Reading/ References
https://en.wikipedia.org/wiki/Arrow%27s_impossibility_theorem
http://www.businessdictionary.com/definition/Arrows-impossibility-theorem.html