In the examples of Sen and Gibbard noted above, the social choice function satisfies Minimal liberalism at the expense of Pareto optimality.
12.
These developments are reflected in neoclassical theory by the search for the occurrence in markets of the equilibrium conditions of Pareto optimality and self-sustainability.
13.
This contrasts to the Pareto optimality condition of private goods, in which each consumers marginal rate of substitution is equal; as is the societies marginal rate of transformation.
14.
Needless to say, the Talmudic commentators so thoroughly explored every argument that Levine can easily link their reasoning to modern economic concepts of public goods, Pareto Optimality, free riders and intertemporal resource allocation.
15.
"' Pareto efficiency "'or "'Pareto optimality "', is a state of allocation of resources further from which it is impossible to make any one individual better off without making at least one individual worse off.
16.
Using the " Kaldor criterion ", an activity will contribute to Pareto optimality if the maximum amount the gainers are prepared to pay is greater than the minimum amount that the losers are prepared to accept.
17.
It was extended by Amartya Sen to the liberal paradox which argued that given a status of " Minimal Liberty " there was no way to obtain Pareto optimality, nor to avoid the problem of social choice of neutral but unequal results.
18.
Employing the theoretical concepts of game theory and Pareto optimality, Buchanan and Tullock show that symmetry in benefits sharing may be at most a " necessary ", but never a " sufficient " condition for the attainment of a Pareto optimal position.
19.
They compare this to a market transaction, where the voters strongly desiring better health care could purchase the acceptance of the opposition and uninterested voters with concessions, resulting in an efficient allocation of resources, increasing the happiness of all parties ( Pareto optimality ).
20.
Proponents of generalized game theory have advocated the application of the theory to reconceptualizing individual and collective decision-making, resolutions of the prisoners'dilemma game, agent-based modeling, fuzzy games, conflict resolution procedures, challenging and providing robust and normatively grounded alternatives to Nash equilibrium and Pareto optimality, among others.
