Pareto efficiency

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 optimality occurs when no further Pareto-efficient changes can be made. The concept was first described by the Italian economist Vilfredo Pareto (1848–1923). CompareKaldor–Hicks efficiency.

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