For determining the world chess champion, whenever there is significant money involved for winning (perhaps money as a side effect of prestige), there will be sleazy attempts to skew the results, for example, Fischer's accusations of round-robin Interzonal/Candidates collaboration as well as his own attempts to structure the match with Karpov to maximize his own chances of winning.
Therefore we need a chess event in which very high level players compete, but there isn't much such incentive. The Chess Olympiad is that. Thus, as of 2012, congratulations to co-individual world champions Levon Aronian, Sergei Movsesian, Vladimir Akopian, Gabriel Sargissian, and Tigran Petrosian. It's a highly imperfect system, not even determining a single individual winner, but every other system is imperfect as well.
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