Search results
Results from the WOW.Com Content Network
Fractional Pareto efficiency is a strengthening of Pareto efficiency in the context of fair item allocation. An allocation of indivisible items is fractionally Pareto-efficient (fPE or fPO) if it is not Pareto-dominated even by an allocation in which some items are split between agents. This is in contrast to standard Pareto efficiency, which ...
Multi-objective optimization or Pareto optimization (also known as multi-objective programming, vector optimization, multicriteria optimization, or multiattribute optimization) is an area of multiple-criteria decision making that is concerned with mathematical optimization problems involving more than one objective function to be optimized simultaneously.
The Pareto principle may apply to fundraising, i.e. 20% of the donors contributing towards 80% of the total. The Pareto principle (also known as the 80/20 rule, the law of the vital few and the principle of factor sparsity [1] [2]) states that for many outcomes, roughly 80% of consequences come from 20% of causes (the "vital few").
In multi-objective optimization, the Pareto front (also called Pareto frontier or Pareto curve) is the set of all Pareto efficient solutions. [1] The concept is widely used in engineering . [ 2 ] : 111–148 It allows the designer to restrict attention to the set of efficient choices, and to make tradeoffs within this set, rather than ...
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 allocation of objects is called discrete if each item is wholly allocated to a single agent; it is called fractional if some objects are split ...
A situation is said to be Kaldor–Hicks efficient, or equivalently is said to satisfy the Kaldor–Hicks criterion, if no potential Kaldor–Hicks improvement from that situation exists. If an outcome is the highest it could possibly be, it is called a Hicks-optimal outcome. A Hicks optimal outcome is always Pareto efficient.
An allocation X is Pareto-efficient if no other allocation Pareto-dominates it. Sometimes, a distinction is made between discrete-Pareto-efficiency , which means that an allocation is not dominated by a discrete allocation, and the stronger concept of Fractional Pareto efficiency , which means that an allocation is not dominated even by a ...
The first fundamental welfare theorem provides some basis for the belief in efficiency of market economies, as it states that any perfectly competitive market equilibrium is Pareto efficient. The assumption of perfect competition means that this result is only valid in the absence of market imperfections, which are significant in real markets.