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  2. Pareto efficiency - Wikipedia

    en.wikipedia.org/wiki/Pareto_efficiency

    In order to fully understand market failure, one must first comprehend market success, which is defined as the ability of a set of idealized competitive markets to achieve an equilibrium allocation of resources that is Pareto-optimal in terms of resource allocation.

  3. Resource allocation - Wikipedia

    en.wikipedia.org/wiki/Resource_allocation

    In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...

  4. Economic efficiency - Wikipedia

    en.wikipedia.org/wiki/Economic_efficiency

    Because productive resources are scarce, the resources must be allocated to various industries in just the right amounts, otherwise too much or too little output gets produced. [2] When drawing diagrams for businesses , allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue.

  5. Allocative efficiency - Wikipedia

    en.wikipedia.org/wiki/Allocative_efficiency

    Allocation efficiency occurs when there is an optimal distribution of goods and services, considering consumer's preference. When the price equals marginal cost of production, the allocation efficiency is at the output level. This is because the optimal distribution is achieved when the marginal utility of good equals the marginal cost.

  6. Welfare economics - Wikipedia

    en.wikipedia.org/wiki/Welfare_economics

    Each point on a social utility frontier represents an efficient allocation of an economy's resources; that is, it is a Pareto optimum in factor allocation, in production, in consumption, and in the interaction of production and consumption (supply and demand). In the diagram below, the curve MN is a social utility frontier.

  7. Partial allocation mechanism - Wikipedia

    en.wikipedia.org/wiki/Partial_allocation_mechanism

    The Partial Allocation Mechanism (PAM) is a mechanism for truthful resource allocation.It is based on the max-product allocation - the allocation maximizing the product of agents' utilities (also known as the Nash-optimal allocation or the Proportionally-Fair solution; in many cases it is equivalent to the competitive equilibrium from equal incomes).

  8. Economic planning - Wikipedia

    en.wikipedia.org/wiki/Economic_planning

    Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.

  9. Optimal apportionment - Wikipedia

    en.wikipedia.org/wiki/Optimal_apportionment

    Optimal apportionment is an approach to apportionment that is based on mathematical optimization. In a problem of apportionment, there is a resource to allocate, denoted by h {\displaystyle h} . For example, it can be an integer representing the number of seats in a h ouse of representatives.