In an economy, Pareto Optimal state when no further changes in the economy can make one person better off without at the same time making another worse off. Named after Italian economist Vilfredo Pareto , the idea simply refers to situations where you can (or can’t) improve something without trade-offs.
Consider designing a car where you care about speed and safety.
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The Pareto Efficiency idea refers to situations where you can (or can't) improve something without trade-offs.
For example, consider designing a car where you aim for speed and safety. Pareto efficiency is to find a design that allows you to get more speed or safety withou...
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