Pareto Efficiency Checker


Output: Press calculate


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Formula: Pareto efficiency is verified by checking that each option is unique and none are dominated by others.

Introduction to Pareto Efficiency Checker

Pareto efficiency, or Pareto optimality, is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off. This concept is commonly used in economics, particularly in the fields of welfare economics and game theory.

In the context of this function, the parameters represent individual options or allocations. If each option is unique and not dominated by another, the set of options is considered Pareto efficient. This formula checks for duplicates to determine if any option dominates another.

Parameter usage:

Output:

Data validation

The numbers should be positive, as negative values or zero do not represent valid allocations in the context of Pareto efficiency.

Summary

This function takes a set of options, expressed as numbers, and determines whether they are Pareto efficient.

Tags: Economics, Game Theory, Pareto Efficiency