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Pareto efficiency

In economic theory, an alteration in the allocation of resources is said to be Pareto efficient when it leaves at least one person better off and nobody worse off. A state of Pareto ...

Pareto efficiency

Pareto efficiency   Quick reference

A Dictionary of Business and Management (6 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
62 words

... efficiency In economic theory, an alteration in the allocation of resources is said to be Pareto efficient when it leaves at least one person better off and nobody worse off. A state of Pareto optimality occurs when no further Pareto-efficient changes can be made. The concept was first described by the Italian economist Vilfredo Pareto ( 1848–1923 ). Compare Kaldor–Hicks efficiency...

Pareto efficiency

Pareto efficiency   Quick reference

A Dictionary of Finance and Banking (6 ed.)

Reference type:
Subject Reference
Current Version:
2018

... efficiency In economic theory, an alteration in the allocation of resources is said to be Pareto efficient when it leaves at least one person better off and nobody worse off. A state of Pareto optimality occurs when no further Pareto-efficient changes can be made. The concept was first described by the Italian economist Vilfredo Pareto ( 1848–1923 ). Compare kaldor–hicks efficiency...

Pareto efficiency

Pareto efficiency   Quick reference

A Dictionary of Law (9 ed.)

Reference type:
Subject Reference
Current Version:
2018
Subject:
Law
Length:
80 words

...Pareto efficiency A concept often invoked in the economic analysis of law ; it was first described by the Italian economist Vilfredo Pareto ( 1848–1923 ). An alteration in the allocation of resources is Pareto efficient when it leaves at least one person better off than he was prior to the change and nobody worse off. A state of Pareto optimality occurs when no further improvements can be made without one party becoming a loser. Compare Kaldor-Hicks efficiency ; Coase theorem...

Pareto efficiency

Pareto efficiency   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
191 words

...Pareto efficiency A form of efficiency for an economic allocation. An allocation is Pareto efficient if there is no feasible reallocation that can raise the welfare of one economic agent without lowering the welfare of any other economic agent. The concept of Pareto efficiency can be applied to any economic allocation whether it emerges from trade, bargaining, strategic interaction, or government imposition. The First Theorem of Welfare Economics states that the equilibrium of a competitive economy is Pareto efficient. This is often explained in terms of...

Pareto efficiency

Pareto efficiency  

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Overview Page
In economic theory, an alteration in the allocation of resources is said to be Pareto efficient when it leaves at least one person better off and nobody worse off. A state of Pareto optimality occurs ...
Pareto efficient

Pareto efficient  

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Overview Page
The term applied to describe an allocation that satisfies the conditions required for Pareto efficiency.
Kaldor-Hicks efficiency

Kaldor-Hicks efficiency  

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In economic theory, an alteration in the allocation of resources is said to be Kaldor-Hicks efficient when it produces more benefits than costs. A Pareto efficiency arises when at least one person is ...
efficient allocation

efficient allocation  

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A feasible allocation of economic resources such that there is no alternative feasible allocation where one economic agent is better off and no agent worse off. See also Pareto efficiency.
economic efficiency

economic efficiency  

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A general term for making the maximum use of available resources. Economic efficiency in this sense is purely descriptive, and does not provide a precise definition or test. Pareto efficiency is a ...
welfare criterion

welfare criterion  

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A method of deciding whether a proposed change in the economy should be made. The Pareto criterion says that a change should be made if somebody gains and nobody loses. This is uncontroversial, but ...
profit motive

profit motive  

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The desire for gain as a motive in economic activity. The profit motive can mean no more than the assumption that firms aim to maximize profit, but it can also be used in a derogatory sense to imply ...
welfare economics

welfare economics  

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The part of economics concerned with the effects of economic activity on welfare. This includes the modelling of individual or household behaviour by utility functions; criteria for efficiency, ...
fundamental theorems of welfare

fundamental theorems of welfare  

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The two theorems that describe the efficiency properties of a competitive equilibrium. The First Fundamental Theorem of Welfare Economics states that (in the absence of any market failure) a ...
Edgeworth box

Edgeworth box  

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Overview Page
A graphical device for depicting resource allocation in a two‐consumer, two‐good economy. The width of the box corresponds to the economy's endowment of good 1 and the height of the box to the ...
ABC classification

ABC classification  

A method of ranking items held in inventory enabling particular attention to be given to those that, if incorrectly managed, will be most damaging to the effectiveness or the efficiency of an ...
second-best

second-best  

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A situation in which a policy-maker is subject to one or more constraints in addition to those relating to technology and endowments. When a policy-maker is constrained only by technology and ...
efficiency

efficiency  

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Overview Page
The ratio of the work done to the effort used; usually the relation of output to input. Spatial efficiency—the organization of space in order to minimize costs—is central to location theory; see ...
shadow price

shadow price  

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Prices of goods, services, and resources that are proportional to true opportunity costs for the economy, taking account of any externalities. If individuals and firms all made choices to maximize ...
economic analysis of law

economic analysis of law  

Reference type:
Overview Page
Subject:
Law
A theory of law, usually seen as a modern form of utilitarianism, based largely on the proposition that a rational human being will always act to maximize his satisfactions: if he wants something ...
trade-off

trade-off  

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The requirement that some of one good or one objective has to be given up to obtain more of another. The need to trade off goods or objectives against one another is a sign of economic efficiency; if ...

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