- External reference: https://en.wikipedia.org/wiki/Pareto_efficiency
Pareto efficiency or Pareto optimality is a situation where no individual or preference criterion can be made better off without making at least one individual or preference criterion worse off.
Pareto optimal or Pareto efficient if no change could lead to improved satisfaction for some agent without some other agent losing or, equivalently, if there is no scope for further Pareto improvement.
Pareto improvement is a new situation where some agents will gain, and no agents will lose.
Pareto dominated if there exists a possible Pareto improvement.
Notes linking here
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