Pareto efficiency
Pareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off . The concept is named after Vilfredo Pareto (1848–1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related:
Pareto efficiency - Wikipedia Jump to content From Wikipedia, the free encyclopedia Weakly optimal allocation of resources For the probability distribution, see Pareto distribution . For the statistical principle, see Pareto principle . Part of a series on Economics Outline Index Glossary Economists Principles of Economics Tools and methodology Economic theory Mathematical modeling Game theory Rational choice Cognitive science ( Behavioral ) Economic equilibrium Empirical methods Experimental Econometrics Time series Spatial Causal inference Quasi-experiments Prescriptive and policy Welfare an
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