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There are two principal conceptions of efficiency in welfare economics, termed Pareto efficiency and Kaldor-Hicks efficiency.
Let me now examine whether Pareto efficiency meets the criteria for defining a legal efficiency criteria identified above.
In turn, the institution of deposit insurance can help rule out such events, and thereby push outcomes toward ex-ante Pareto efficiency.
While this theory works against the offering of simple policy measures, it also opens into a vast expanse of hypothetical policy measures that feature an expansion in the violations of the conditions for competitive equilibrium as a means for pursuing Pareto efficiency in a second-best world.
if the compensation is required and the parties made worse off do accept it, Kaldor-Hicks efficiency reduces to Pareto efficiency.
Economic theory melds considerations of Pareto efficiency and of equity through the construct of a social welfare function which aggregates the utility functions of all economic entities (firms and consumers).
This result, which states that the ratio of male-to-female income effects is identical across all pairs of goods, is a simple and powerful test of Pareto efficiency.
Economics of Pareto Efficiency Welfare economists often use Pareto Efficiency and Pareto Superiority to discuss the efficiency of an economic system.
Pareto efficiency is a powerful concept in microeconomic analysis.
The notion of "social welfare" rests on the assumption of interpersonal comparision of individual utility functions, while Pareto efficiency is based on the idea of intrapersonal comparision of utilities.
We begin by comparing agreement rates and proximity to Pareto efficiency across all treatments.
Other examples of topics discussed by the approximately 100 alphabetical entries include affirmative action, anti-poverty programs, antitrust policy, budget deficits, campaign finance regulation, capital punishment, central banks and monetary policy, consumption taxes, democracy and capitalism, drug prohibition, drunk driving laws, endangered species, externalities, foreign aid, gays in the military, gun control, health care costs, immigration, mandatory savings programs, minimum wages, moral hazard, nuclear power, Pareto efficiency, product liability, public schools, Roe v.