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Pareto Efficiency: Some definitions

Sayantani G.
28/08/2020 0 0

We need to know Pareto improvement to understand Pareto Optimality/Efficiency. 

Pareto Improvement

If we can find a way to make some people better off without making anybody else worse off, we have a Pareto improvement. 

 Following from this, we can give the following definitions for Pareto Efficiency/ Pareto Optimality:

Pareto Efficiency/Optimality

If an allocation is such that no Pareto improvement is possible, then it is known as Pareto efficient/ Pareto optimal. The occurrence of such a situation is called Pareto Optimality/Efficiency.

Pareto Inefficiency

If allocation allows for a Pareto improvement, we have a Pareto inefficient allocation. The occurrence of this is, in turn, called Pareto Inefficiency.

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