pareto efficiency in resource allocation
Pareto efficiency in resource allocation refers to a situation where it is impossible to reallocate resources to make one person better off without making someone else worse off. It represents the highest possible level of efficiency where resources are allocated in a way that maximizes overall welfare without causing any harm to individuals.
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Similar Concepts
- efficiency in resource utilization
- pareto criterion
- pareto distribution
- 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
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