How was Kenneth Arrow awarded the Noble Prize in Economics?

Name: Kenneth Arrow.
Real Name: Kenneth Joseph Arrow.
Country: United States.
Date of Birth: 23 August 1921.
Died: 21 February 2017.
Education: City College of New York (BS), Columbia University (MS, PhD).
Subjects Of Study: General equilibrium theory impossibility theorem.
Known as: Major contribution to the general equilibrium theory.
Noble Prize Year: Nobel Prize for Peace in 1972, for their pioneering contributions to general economic equilibrium theory and welfare theory.