Pareto efficiency is a concept used by economists to define the efficient organization of an economy. Roughly speaking, it requires not only that production should be organized in an efficient manner, but also that this production should be distributed...

Usually, one thinks of efficiency as not being wasteful or getting the most out of the resources one has available. Economists offer the Pareto optimum—"a situation where no one can be better off without making someone worse off."...

The efficiency of a system which cannot produce more of any product from the same level of inputs without reducing the output of another product by switching inputs between products or by changing techniques. This view of efficiency has been challenged...

An allocation of resources such that no one can be made better off without someone else being made worse off; the most famous notion of optimality in WELFARE...

Pareto efficiency, or Pareto optimality, is an important concept in economics with broad applications in game theory, engineering and the social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his studies...

M-estimator and constrained M-estimator (CM) of the tail index of a single-parameter Pareto distribution are investigated and compared to the generalized median (GM) estimator of Brazauskas and Serfling (B&S). Criteria used for comparisons are the asymptotic relative efficiency, upper breakdown point, and gross error...

This year's political discussions may purport to be different, but they are still about redistributing income. In the polemics of this year's presidential and Congressional campaigns, issues rooted in the 19th century seem to be taking higher priority than those dealing with...