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In multi-objective optimization, the Pareto front (also called Pareto frontier or Pareto curve) is the set of all Pareto efficient solutions. [ 1] The concept is widely used in engineering. [ 2]: 111–148 It allows the designer to restrict attention to the set of efficient choices, and to make tradeoffs within this set, rather than considering ...
Multi-objective optimization or Pareto optimization (also known as multi-objective programming, vector optimization, multicriteria optimization, or multiattribute optimization) is an area of multiple-criteria decision making that is concerned with mathematical optimization problems involving more than one objective function to be optimized ...
Pareto optimisation has also been studied in biological processes. [25] In bacteria, genes were shown to be either inexpensive to make (resource-efficient) or easier to read (translation-efficient). Natural selection acts to push highly expressed genes towards the Pareto frontier for resource use and translational efficiency. [26]
Interactive Decision Maps. The Interactive Decision Maps technique of multi-objective optimization is based on approximating the Edgeworth -Pareto Hull (EPH) of the feasible objective set, that is, the feasible objective set broadened by the objective points dominated by it. Alternatively, this set is known as Free Disposal Hull.
With a risk-free asset, the straight capital allocation line is the efficient frontier. In modern portfolio theory, the efficient frontier (or portfolio frontier) is an investment portfolio which occupies the "efficient" parts of the risk–return spectrum. Formally, it is the set of portfolios which satisfy the condition that no other ...
Production–possibility frontier. In microeconomics, a production–possibility frontier ( PPF ), production possibility curve ( PPC ), or production possibility boundary ( PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources ...
Michael Steven Grant of New York City wants to retire in a smaller-scale place with access to a larger city. Here’s why he likes Sitges on Spain’s Mediterranean coast.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, [1] and attempts to assess the distribution of resources and opportunities among members of society. The principles of welfare economics are often ...