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Pareto Optimality
(1906)
Named after Italian sociologist and economist Vilfredo Pareto (1848-1923), Pareto optimality is a situation which exists when economic resources and output have been allocated in such a way that no-one can be made better off without sacrificing the well-being of at least one person.
Also see: social welfare function, compensation principle, cost-benefit analysis, scitovsky paradox
Source:
V Pareto, Manuale d'economia politico (Milan, 1906)
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