How should you compare these three designs?
The third option is obviously worse than the first two - it's slow and dangerous. But between the other two is a question of values. Maybe a race car driver would prefer faster at the cost of some safety. Maybe the soccer mom wants safety over speed.
This is the idea of Pareto efficiency in a nutshell. A car design would be Pareto efficient if there’s no other design that allows you to get more speed or safety without getting less of the other.
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Similar ideas to Comparing Trades
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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