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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.
A Pareto chart is a type of chart that contains both bars and a line graph, where individual values are represented in descending order by bars, and the cumulative total is represented by the line. The chart is named for the Pareto principle , which, in turn, derives its name from Vilfredo Pareto , a noted Italian economist.
The Pareto distribution, named after the Italian civil engineer, economist, and sociologist Vilfredo Pareto, [2] is a power-law probability distribution that is used in description of social, quality control, scientific, geophysical, actuarial, and many other types of observable phenomena; the principle originally applied to describing the distribution of wealth in a society, fitting the trend ...
A significant aspect of the Pareto frontier in economics is that, at a Pareto-efficient allocation, the marginal rate of substitution is the same for all consumers. [5] A formal statement can be derived by considering a system with m consumers and n goods, and a utility function of each consumer as = where = (,, …,) is the vector of goods, both for all i.
In statistics, the generalized Pareto distribution (GPD) is a family of continuous probability distributions.It is often used to model the tails of another distribution. It is specified by three parameters: location , scale , and shape
In statistics, a multivariate Pareto distribution is a multivariate extension of a univariate Pareto distribution. [1] There are several different types of univariate Pareto distributions including Pareto Types I−IV and Feller−Pareto. [2] Multivariate Pareto distributions have been defined for many of these types.
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 ...
Pareto interpolation can be used when the available information includes the proportion of the sample that falls below each of two specified numbers a < b. For example, it may be observed that 45% of individuals in the sample have incomes below a = $35,000 per year, and 55% have incomes below b = $40,000 per year.