Pareto Optimality
Channel: Systems Innovation
Date: 09/06/2017

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Pareto optimality in game theory answers a very specific question of whether an outcome can be better than the other? Pareto optimality is a notion of efficiency or optimality for all the members involved. An outcome of a game is Pareto optimal if there is no other outcome that makes every player at least as well off and at least one player strictly better off. That is to say, a Pareto optimal outcome cannot be improved upon without hurting at least one player.

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