Pareto efficient

Pareto efficient
Describing a situation in which the profit of one party cannot be increased without reducing the profit of another.

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  • Pareto efficiency — Pareto efficiency, or Pareto optimality, is an important concept in economics with broad applications in game theory, engineering and the social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his… …   Wikipedia

  • Pareto Efficiency — An economic state where resources are allocated in the most efficient manner. Pareto efficiency is obtained when a distribution strategy exists where one party s situation cannot be improved without making another party s situation worse. Pareto… …   Investment dictionary

  • Pareto set — In microeconomics in general, and game theory in particular, the Pareto set, named after economist Vilfredo Pareto, is the set of all Pareto efficient outcomes …   Wikipedia

  • Pareto optimal — adjective a) Describing a situation in which the profit of one party cannot be increased without reducing the profit of another. b) Describing a strategy that cannot be made to perform better against one opposing strategy without performing less… …   Wiktionary

  • Pareto, Vilfredo — (1848–1923)    One of the most important economists of the 19th century, Vilfredo Pareto was also a challenging sociologist and political economist. For economic theorists, Pareto is chiefly remembered as the inventor of the so called Pareto… …   Historical Dictionary of modern Italy

  • Fundamental theorems of welfare economics — There are two fundamental theorems of welfare economics. The first states that any competitive equilibrium or Walrasian equilibrium leads to an efficient allocation of resources. The second states the converse, that any efficient allocation can… …   Wikipedia

  • Multi-objective optimization — (or multi objective programming),[1][2] also known as multi criteria or multi attribute optimization, is the process of simultaneously optimizing two or more conflicting objectives subject to certain constraints. Multiobjective optimization… …   Wikipedia

  • General equilibrium — theory is a branch of theoretical microeconomics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many markets. It is often assumed that agents are price takers and in that setting two common… …   Wikipedia

  • Contract curve — Blue contract curve showing points of tangency of indifference curves in an Edgeworth box In microeconomics, the contract curve is the set of points, representing final allocations of two goods between two people, that could occur as a result of… …   Wikipedia

  • Welfare economics — Economics …   Wikipedia

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