a measure of efficiency

Named after Vilfredo Pareto, Pareto optimal is a measure of efficiency.

a formally defined concept used to describe when an allocation is optimal

"Pareto optimality" is a formally defined concept used to describe when an allocation is optimal.

the allocation

At first glance, and given what we have learnt so far, Pareto-optimal seems that the allocation might well be Pareto-optimal.

one where we cannot make someone better off without making someone else worse off

A pareto optimal situation is one where we cannot make someone better off without making someone else worse off.

the resource allocation which has the property of no one

Pareto optimal is the resource allocation which has the property of no one can be better off without someone being worst off.

a good solution

So a good solution is Pareto-optimal, which means there is no other solution which is better in one aspect/principle while being at least equally good in all others.

an economic concept in which equilibrium is reached as a result of efficient resource allocation

Pareto optimality is an economic concept in which equilibrium is reached as a result of efficient resource allocation.

an economic concept in which economic equilibrium is reached as a result of efficient resource allocation

Pareto optimality is an economic concept in which economic equilibrium is reached as a result of efficient resource allocation.

a concept used in economics to model the efficiency problem

Pareto Optimality is a concept used in economics to model the efficiency problem.

a concept of efficiency used in the social sciences, including economics and political science

Pareto-optimality is a concept of efficiency used in the social sciences, including economics and political science, and is named after the Italian sociologist, Vilfredo Pareto.

An outcome of a game

An outcome of a game is Pareto optimal if there is no other outcome that makes every player at least as well off and at least one player strictly better off.

the ideal against which standard economic theory evaluates market efficiency and market failure

Pareto Optimality is the ideal against which standard economic theory evaluates market efficiency and market failure.

an allocation { … x } {x_{n}\}} \mathbb {}} for all i x 1 , , n \displaystyle \{x_{1},\dots ,, where x i ∈ R k {\displaystyle x_{i}\in R} ^{k,

Then an allocation { x 1 , … , x n } {\displaystyle \{x_{1},\dots ,x_{n}\}} , where x i ∈ R k {\displaystyle x_{i}\in \mathbb {R} ^{k}} for all i, is Pareto-optimal if there is no other feasible allocation { x 1 ′ , … , x n ′ } {\displaystyle \{x_{1}',\dots ,x_{n}'\}} where, for utility function

the allocation of resources

• If markets are perfectly competitive, the allocation of resources is Pareto optimal or efficient.

in a state of allocation of resources where Pareto optimality is not possible to make someone better off without making someone else worse off

When an economy is in a state of Pareto optimality, Pareto optimality is in a state of allocation of resources where Pareto optimality is not possible to make someone better off without making someone else worse off.

An allocation [] (xi), (yj)

An allocation [(xi), (yj)] is Pareto optimal if yj is feasible and if there is no other feasible allocation [(xi'), (yj')] such that ui(xi')

A point \(x^*\

A point \(x^*\) is called Pareto optimal if there exists no other point that is at least as good as \(x^*\) in all objectives, but strictly better than \(x^*\) in at least one objective.