Pareto efficiency/Related Articles
Pareto efficiency: A Pareto-efficient situation is defined as one from which no change could benefit anyone without harming someone else, and the Pareto criterion for the assessment of a change requires that someone must gain from it and no-one most lose.
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- Vilfredo Pareto : (1848-1923) An Italian sociologist and economist known for his analysis of elites and his statistical studies of inequality.
- Game theory : A field of mathematics commonly associated with economics that provides models for behavior in many diverse situations, and is used in many academic fields from politics to computer science.
- Economic efficiency : Ratio of the quantity of some measure of output to the quantity of input required to bring it about.