allocation of resources in such a fashion that such a fashion is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off

Pareto efficiency or optimality is allocation of resources in such a fashion that such a fashion is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

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.

where no individual can be better off without making another individual worse off

Pareto Optimality describes a state where no individual can be better off without making another individual worse off.

a measure of efficiency

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

the allocation

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

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 Pareto optimal allocation

A Pareto optimal allocation is one that is a Pareto optimum.

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.

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 allocation of resources in which I hog everything and you have nothing

For instance, an allocation of resources in which I hog everything and you have nothing is Pareto optimal because the only way to improve your lot is for me to lose something.

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.

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.

the allocation of resources

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

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.

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')