Bayesian efficiency
id:
bayesian-efficiency-192-12366332
title:
Bayesian efficiency
text:
Bayesian efficiency is an analog of Pareto efficiency for situations in which there is incomplete information. Under Pareto efficiency, an allocation of a resource is Pareto efficient if there is no other allocation of that resource that makes no one worse off while making some agents strictly better off. A limitation with the concept of Pareto efficiency is that it assumes that knowledge about other market participants is available to all participants, in that every player knows the payoffs and
brand slug:
wiki
category slug:
encyclopedia
description:
Analog of Pareto efficiency for situations with incomplete information
original url:
https://en.wikipedia.org/wiki/Bayesian_efficiency
date created:
date modified:
2023-03-20T14:36:14Z
main entity:
{"identifier":"Q4874467","url":"https://www.wikidata.org/entity/Q4874467"}
image:
fields total:
13
integrity:
14