first best
Word Rarity
Common
Frequency: Zipf frequency 5.65 in modern English
14
Scrabble Score
9
Letters
1
Syllables
7
Unique Chars
Meaning
adj
Characterized by all optimality conditions being satisfiable.
noun
A situation where all optimality conditions are satisfied.
Example Sentences
- "Here the government should avoid any policy that affects the workers' decision rules since it would harm efficiency, and the first-best way of pursuing distributional goals is through lump-sum transfers."
- "Without a tariff, the competitive equilibrium outcome coincides with the first best allocation."