Pareto Efficiency

What is 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:Given an initial situation, a Pareto improvement is a new situation where some agents will gain, and no agents will lose.A situation is called Pareto-dominated if there exists a possible Pareto improvement.A situation is called Pareto-optimal or Pareto-efficient if no change could lead to improved satisfaction for some agent without some other agent losing or, equivalently, if there is no scope for further Pareto improvement.

How you will benefit

(I) Insights, and validations about the following topics:

Chapter 1: Pareto efficiency

Chapter 2: Economic efficiency

Chapter 3: Welfare economics

Chapter 4: Allocative efficiency

Chapter 5: Social planner

Chapter 6: Liberal paradox

Chapter 7: Fundamental theorems of welfare economics

Chapter 8: Competitive equilibrium

Chapter 9: Efficient cake-cutting

Chapter 10: Efficient envy-free division

Chapter 11: Weller's theorem

Chapter 12: Utilitarian cake-cutting

Chapter 13: Envy-free item allocation

Chapter 14: Approximate Competitive Equilibrium from Equal Incomes

Chapter 15: Fair random assignment

Chapter 16: Random priority item allocation

Chapter 17: Egalitarian equivalence

Chapter 18: Efficient approximately fair item allocation

Chapter 19: Fractional Pareto efficiency

Chapter 20: Egalitarian rule

Chapter 21: Ordinal Pareto efficiency

(II) Answering the public top questions about pareto efficiency.

(III) Real world examples for the usage of pareto efficiency in many fields.

Who this book is for

Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Pareto Efficiency.