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Points A and B are not strictly dominated by any other, and hence lie on the frontier. A production-possibility frontier. The red line is an example of a Pareto-efficient frontier, where the frontier and the area left and below it are a continuous set of choices. The red points on the frontier are examples of Pareto-optimal choices of production.
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.
Given a set of choices and a way of valuing them, the Pareto front (or Pareto set or Pareto frontier) is the set of choices that are Pareto-efficient. By restricting attention to the set of choices that are Pareto-efficient, a designer can make trade-offs within this set, rather than considering the full range of every parameter.
The term Tradespace was first applied in this context in 2003 by QBOS, Inc. as a way of signifying the relevance of the term in its above context to the search for equilibria (the Pareto frontier) in a collection of processes spanning multiple organizations where those organizations each have their own seven-sigma core objectives.
Pareto was hampered by not having a concept of the production–possibility frontier, whose development was due partly to his collaborator Enrico Barone. [19] His own 'indifference curves for obstacles' seem to have been a false path. Shortly after stating the first fundamental theorem, Pareto asks a question about distribution:
The Landau set can be thought of as the Pareto frontier for a set of candidates, when the frontier is determined by pairwise victories. [2] The Landau set is a nonempty subset of the Smith set. It was first discovered by Nicholas Miller. [2]
Utility Possibility Frontier. In welfare economics, a utility–possibility frontier (or utility possibilities curve), is a widely used concept analogous to the better-known production–possibility frontier. The graph shows the maximum amount of one person's utility given each level of utility attained by all others in society. [1]
A People's History of the United States; Cyclopaedia of Political Science, Political Economy, and the Political History of the United States; Land of Promise: An Economic History of the United States; The History of the United States of America 1801–1817; Oxford History of the United States; The Penguin History of the United States of America ...