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 of resources

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

resources is impossible to reallocate

Pareto efficiency or Pareto optimality is a state of allocation of resources from which resources 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 maximal element with respect to the partial order of Pareto improvement

In Pareto efficiency, a Pareto optimum is a maximal element with respect to the partial order of Pareto improvement, and the set of maximal elements is called the Pareto frontier.

the allocation

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

any result of a zero-sum situation

The zero-sum property (if one gains, another loses) means that any result of a zero-sum situation is 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.

economic efficiency

Pareto Optimality, or Pareto Efficiency, is a guiding force of economic efficiency.

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.

market efficiency

This result is described as market efficiency, or more specifically a Pareto optimum.

allocation of goods

although Pareto Optimality a very weak concept Pareto Optimality is an interesting concept because, if an allocation of goods is not Pareto Optimal, Pareto Optimality is very bad indeed.

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.

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 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.

a central concept in economics, , especially welfare economics

Pareto optimality is a central concept in economics, especially welfare economics, as a measure of efficiency.

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')

the optimum allocation of resources for a given pattern of demand

It should be noted, however, that Pareto optimality indicates only the optimum allocation of resources for a given pattern of demand, which itself reflects the present PERSONAL.

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.

there was some inefficiency at the micro level

Pareto Optimal basically said there was some inefficiency at the micro level.