Pareto efficiency

Abstract

Pareto efficiency, a concept named after Italian engineer and economist Vilfredo Pareto, refers to a situation where no individual or preference criterion can be improved without making at least one individual or preference criterion worse off. The concept of Pareto efficiency has applications in economics, engineering, and biology and offers a way to assess resource allocation scenarios and system configurations and identify situations where no further improvement is possible without compromising other objectives. – AI-generated abstract.