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Compensation Principle
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  • the Pareto principle, which requires any change such that ''all'' gain.

  • the (strong) Pareto criterion, which requires any change such that ''at least one'' gains and no one loses from the change.

    • In non-hypothetical contexts such that the compensation occurs (say in the marketplace), invoking the compensation principle is unnecessary to effect the change. But its use is more controversial and complex where full compensation is feasible but not made and in selecting among more than two feasible social states. In its specifics, it is also more controversial where the range of the decision rule itself is at issue.


Uses for the compensation principle include:


SEE ALSO



REFERENCES