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- Bayesian_efficiency abstract "Bayesian efficiency addresses an appropriate economic definition of Pareto efficiency where 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 strategies available to other players so as to have incomplete information. Often, the players have types that are hidden from the other player.The lack of complete information raises a question of when the efficiency calculation should be made. Should the efficiency check be made at the ex ante stage before the agent sees their types, at the interim stage after the agent sees their types, or at the ex post stage where the agent will have complete information about their types? Another issue is incentive. If a resource allocation rule is efficient but there is no incentive to abide by that rule or accept that rule, then the revelation principle asserts that there is no mechanism by which this allocation rule can be realized.Bayesian efficiency overcomes problems of the Pareto efficiency by accounting for incomplete information, by addressing the timing of the evaluation (ex ante efficient, interim efficient, or ex post efficient), and by adding an incentive qualifier so that the allocation rule is incentive compatible.".
- Bayesian_efficiency wikiPageID "18001499".
- Bayesian_efficiency wikiPageLength "2604".
- Bayesian_efficiency wikiPageOutDegree "15".
- Bayesian_efficiency wikiPageRevisionID "562589621".
- Bayesian_efficiency wikiPageWikiLink Category:Bayesian_statistics.
- Bayesian_efficiency wikiPageWikiLink Category:Economic_efficiency.
- Bayesian_efficiency wikiPageWikiLink Category:Game_theory.
- Bayesian_efficiency wikiPageWikiLink Category:Law_and_economics.
- Bayesian_efficiency wikiPageWikiLink Category:Mathematical_optimization.
- Bayesian_efficiency wikiPageWikiLink Category:Optimal_decisions.
- Bayesian_efficiency wikiPageWikiLink Category:Voting_system_criteria.
- Bayesian_efficiency wikiPageWikiLink Category:Welfare_economics.
- Bayesian_efficiency wikiPageWikiLink Complete_information.
- Bayesian_efficiency wikiPageWikiLink Economic.
- Bayesian_efficiency wikiPageWikiLink Economy.
- Bayesian_efficiency wikiPageWikiLink Ex-ante.
- Bayesian_efficiency wikiPageWikiLink Ex_ante.
- Bayesian_efficiency wikiPageWikiLink Ex_post.
- Bayesian_efficiency wikiPageWikiLink Incomplete_information.
- Bayesian_efficiency wikiPageWikiLink List_of_Latin_phrases_(E).
- Bayesian_efficiency wikiPageWikiLink Pareto_efficiency.
- Bayesian_efficiency wikiPageWikiLink Revelation_principle.
- Bayesian_efficiency wikiPageWikiLinkText "Bayesian efficiency".
- Bayesian_efficiency hasPhotoCollection Bayesian_efficiency.
- Bayesian_efficiency wikiPageUsesTemplate Template:Game_theory.
- Bayesian_efficiency wikiPageUsesTemplate Template:Reflist.
- Bayesian_efficiency subject Category:Bayesian_statistics.
- Bayesian_efficiency subject Category:Economic_efficiency.
- Bayesian_efficiency subject Category:Game_theory.
- Bayesian_efficiency subject Category:Law_and_economics.
- Bayesian_efficiency subject Category:Mathematical_optimization.
- Bayesian_efficiency subject Category:Optimal_decisions.
- Bayesian_efficiency subject Category:Voting_system_criteria.
- Bayesian_efficiency subject Category:Welfare_economics.
- Bayesian_efficiency hypernym Information.
- Bayesian_efficiency type Area.
- Bayesian_efficiency type Company.
- Bayesian_efficiency type Area.
- Bayesian_efficiency type Microeconomic.
- Bayesian_efficiency type Socioeconomic.
- Bayesian_efficiency comment "Bayesian efficiency addresses an appropriate economic definition of Pareto efficiency where 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.".
- Bayesian_efficiency label "Bayesian efficiency".
- Bayesian_efficiency sameAs Eficiencia_bayesiana.
- Bayesian_efficiency sameAs m.047n90y.
- Bayesian_efficiency sameAs Q4874467.
- Bayesian_efficiency sameAs Q4874467.
- Bayesian_efficiency wasDerivedFrom Bayesian_efficiency?oldid=562589621.
- Bayesian_efficiency isPrimaryTopicOf Bayesian_efficiency.