Pareto efficiency
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Pareto efficiency, or Pareto optimality, is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off. The term is named after Vilfredo Pareto (1848–1923), an Italian engineer and economist who used the concept in his studies of economic efficiency and income distribution. The concept has applications in academic fields such as economics, engineering, and the life sciences.
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See also
- Zero-sum game
- Admissible decision rule, analog in decision theory
- Arrow's impossibility theorem
- Bayesian efficiency
- Fundamental theorems of welfare economics
- Constrained Pareto efficiency
- Deadweight loss
- Economic efficiency
- Game theory
- Kaldor–Hicks efficiency
- Market failure, when a market result is not Pareto optimal
- Maximal element, concept in order theory
- Multiobjective optimization
- Nash equilibrium
- Robinson Crusoe economy
- Social Choice and Individual Values for the '(weak) Pareto principle'
- Welfare economics
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