pareto efficiency in social welfare
Pareto efficiency in social welfare refers to a state in which it is impossible to make any individual better off without making at least one individual worse off. It is a condition where resources are allocated in the most optimal way so as to maximize overall societal well-being while ensuring that no one can be made better off without causing harm to someone else.
Requires login.
Related Concepts (1)
Similar Concepts
- pareto criterion
- pareto distribution
- 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 trade-offs
- pareto improvement
- pareto optimal allocation