Category: Pareto efficiency

In multi-objective optimization, the Pareto front (also called Pareto frontier or Pareto curve) is the set of all Pareto efficient solutions. The concept is widely used in engineering. It allows the d

In economics and computer science, Fractional Pareto efficiency or Fractional Pareto optimality (fPO) is a variant of Pareto efficiency used in the setting of fair allocation of discrete objects. An a

Ordinal Pareto efficiency refers to several adaptations of the concept of Pareto-efficiency to settings in which the agents only express ordinal utilities over items, but not over bundles. That is, ag

Pareto efficiency or Pareto optimality is a situation where no individual or preference criterion can be made better off without making at least one individual or preference criterion worse off. The c

Efficient cake-cutting is a problem in economics and computer science. It involves a heterogeneous resource, such as a cake with different toppings or a land with different coverings, that is assumed

Bayesian efficiency is an analog of Pareto efficiency for situations in which there is incomplete information. Under Pareto efficiency, an allocation of a resource is Pareto efficient if there is no o

Allocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides

A Kaldor–Hicks improvement, named for Nicholas Kaldor and John Hicks, is an economic re-allocation of resources among people that captures some of the intuitive appeal of a Pareto improvement, but has

Efficiency and fairness are two major goals of welfare economics. Given a set of resources and a set of agents, the goal is to divide the resources among the agents in a way that is both Pareto effici