Ordinal Pareto efficiency

Ordinal Pareto efficiency is a concept in economics and social choice theory that builds upon the idea of Pareto efficiency in a way that incorporates ordinal preferences rather than cardinal utility. ### Key Concepts: 1. **Pareto Efficiency**: A state is Pareto efficient if there is no other allocation of resources that can make at least one individual better off without making someone else worse off. In other words, a distribution cannot be improved for one individual without degrading the situation for another.