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An allocation that is worse for somebody than the initial allocation cannot be Pareto optimal.
Pareto Optimal
An alternative term for Pareto Efficient, describing a state where making any individual or preference criterion better off without making at least one individual or criterion worse off is impossible.
Allocation
The process of distributing resources or tasks among various projects, departments, or individuals.
Initial Allocation
The original distribution of resources, goods, or tasks among various parties or locations.
- Comprehend the core concepts of Pareto optimality and its impact on economic resource allocation.
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Learning Objectives
- Comprehend the core concepts of Pareto optimality and its impact on economic resource allocation.
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