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单词 first-best
释义 first-best

A state of the economy in which all the necessary and sufficient conditions for efficiency are satisfied simultaneously. If all but one such condition were satisfied, it would always be beneficial to satisfy the remaining one. First-best is contrasted with second-best, which states that if two or more of the conditions for efficiency are not satisfied, changes which cause some more, but not all, of the efficiency conditions to be satisfied may not be beneficial.

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更新时间:2024/11/11 6:10:37