Pareto efficiency

E145374

Pareto efficiency is an economic concept describing an allocation of resources where no individual can be made better off without making someone else worse off.

All labels observed (7)

How this entity was disambiguated

Statements (47)

Predicate Object
instanceOf economic concept ⓘ
efficiency concept ⓘ
welfare economics concept ⓘ
alsoKnownAs Pareto optimality ⓘ
linked to: Pareto efficiency

Pareto optimum ⓘ
linked to: Pareto efficiency
appliesTo allocations of resources ⓘ
consumption bundles ⓘ
distributions of goods ⓘ
general equilibrium outcomes ⓘ
production plans ⓘ
assesses allocative efficiency ⓘ
assumes given endowments ⓘ
given preference profiles ⓘ
contrastsWith dominated allocation ⓘ
inefficient allocation ⓘ
coreIdea no individual can be made better off without making at least one individual worse off ⓘ
criterionType efficiency criterion ⓘ
doesNotImply equality ⓘ
equity ⓘ
fairness ⓘ
field economics ⓘ
microeconomics ⓘ
welfare economics ⓘ
formalizedBy Pareto ordering ⓘ
historicalOrigin late 19th century ⓘ
isNeutralAbout distribution of utility levels ⓘ
interpersonal comparisons of utility ⓘ
isPropertyOf allocations ⓘ
economic states ⓘ
outcomes of games ⓘ
limitation does not rank Pareto-efficient allocations among themselves ⓘ
may select multiple possible efficient allocations ⓘ
namedAfter Vilfredo Pareto ⓘ
relatedConcept Kaldor–Hicks efficiency ⓘ
Pareto frontier ⓘ
linked to: Pareto efficiency

Pareto improvement ⓘ
first fundamental theorem of welfare economics ⓘ
second fundamental theorem of welfare economics ⓘ
social welfare function ⓘ
usedAs benchmark for market outcomes ⓘ
normative standard in welfare analysis ⓘ
usedIn cost–benefit analysis ⓘ
game theory ⓘ
market design ⓘ
mechanism design ⓘ
public economics ⓘ
resource allocation problems ⓘ

How these facts were elicited

Referenced by (27)

Full triples — surface form annotated when it differs from this entity's canonical label.

Kalai–Smorodinsky bargaining solution → characterizedBy → Pareto optimality ⓘ
linked to: Pareto efficiency
Vilfredo Pareto → knownFor → Pareto efficiency ⓘ
law and economics movement → coreConcept → Pareto efficiency ⓘ
Pareto efficiency → alsoKnownAs → Pareto optimality ⓘ
linked to: Pareto efficiency
Pareto efficiency → alsoKnownAs → Pareto optimum ⓘ
linked to: Pareto efficiency
Pareto efficiency → relatedConcept → Pareto frontier ⓘ
linked to: Pareto efficiency
welfare economics → usesConcept → Pareto efficiency ⓘ
Hicks–Kaldor compensation criterion → weakerThan → Pareto criterion ⓘ
linked to: Pareto efficiency
Vilfredo Pareto → knownFor → Pareto efficiency ⓘ
subject linked to: Pareto
Pareto → hasDerivedConcept → Pareto efficiency ⓘ
Pareto principle → relatedConcept → Pareto efficiency ⓘ
Manual of Political Economy → subject → Pareto efficiency ⓘ
Manual of Political Economy → hasConcept → Pareto optimum ⓘ
linked to: Pareto efficiency
First Welfare Theorem → usesConcept → Pareto efficiency ⓘ
Sen’s liberal paradox → assumption → Pareto principle is applied to social states ⓘ
linked to: Pareto efficiency
Sen’s liberal paradox → relatedConcept → Pareto efficiency ⓘ
social choice theory → hasKeyConcept → Pareto efficiency ⓘ
game theory → hasConcept → Pareto efficiency ⓘ
Bergson–Samuelson social welfare function → relatedTo → Pareto criterion ⓘ
linked to: Pareto efficiency
Pareto improvement → relatedTo → Pareto optimality ⓘ
linked to: Pareto efficiency
Pareto improvement → relatedConcept → Pareto frontier ⓘ
linked to: Pareto efficiency
Kemeny–Young method → satisfies → Pareto efficiency ⓘ
1881: Mathematical Psychics → relatedConcept → Pareto efficiency (later formalization) ⓘ
linked to: Pareto efficiency