pareto efficiency
Pareto efficiency, also known as Pareto optimality, refers to a state where it is not possible to make someone better off without making someone else worse off. It is a condition in which resources are allocated in the most efficient and optimal manner, maximizing overall welfare without any opportunity for further improvement without detriment to others.
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Related Concepts (16)
- nash equilibrium
- pareto criterion
- pareto dominance
- pareto efficiency in cost-benefit analysis
- pareto efficiency in decision making
- pareto efficiency in economics
- pareto efficiency in engineering
- pareto efficiency in environmental economics
- pareto efficiency in game theory
- pareto efficiency in market equilibrium
- pareto efficiency in public policy
- pareto efficiency in resource allocation
- pareto efficiency in social welfare
- pareto efficiency in trade-offs
- pareto improvement
- pareto optimal allocation
Similar Concepts
- cost efficiency
- decision-making efficiency
- economic efficiency
- efficiency
- efficiency optimization
- environmental efficiency
- market efficiency
- operational efficiency
- organizational efficiency
- pareto distribution
- production efficiency
- productivity and efficiency
- task efficiency
- work efficiency
- workplace efficiency