pareto optimality sentence in Hindi
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- Under the " Hicks criterion ", an activity will contribute to Pareto optimality if the maximum amount the losers are prepared to offer to the gainers in order to prevent the change is less than the minimum amount the gainers are prepared to accept as a bribe to forgo the change.
- Note that the concept of constrained Pareto optimality assumes benevolence on the part of the planner and hence it is distinct from the concept of government failure, which occurs when the policy making politicians fail to achieve an optimal outcome simply because they are not necessarily acting in the public's best interest.
- The basic intuition for this result is that if consumers lack adequate means to transfer their wealth from one time period to another and the future is risky, there is nothing to necessarily tie any price ratio down to the relevant marginal rate of substitution, which is the standard requirement for Pareto optimality.
- In academic work, Albert and Hahnel ( 1991 ) prove that participatory planning arrives at a Pareto optimum, and does so under less restrictive assumptions than markets; that is, participatory planning is Pareto optimal even though it incorporates both public goods and externalities, whereas markets do not achieve Pareto optimality with these two assumptions ).
- However, in principle examples could also be constructed where opportunist behaviour unintentionally serves other, broader interests ( such as when, in their rush to take selfish advantage of a situation, the opportunist actors create more opportunities for other actors at the same time the " bandwaggon " or " food chain " effect; see also Pareto optimality ).
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