Skip to content
ontologydriven
Sign out

Dictionary

Words, grammatical forms and meanings linked to the ontology.

first best en · ADJ

Meanings

  1. (not-comparable) Characterized by all optimality conditions being satisfiable.
    • Without a tariff, the competitive equilibrium outcome coincides with the first best allocation. 2025 May 14, Iván Werning, Guido Lorenzoni, Veronica Guerrieri, “Tariffs as Cost-Push Shocks: Implications for Optimal Monetary Policy”, in NBER Working Paper Series, number 33772, page 5:
    • 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. 2018, Lars Ljungqvist and Thomas J. Sargent, Recursive macroeconomic theory, 4th edition, MIT Press, page 200:

Forms

SpellingFeaturesLabelsSource
first-best alternative lexicographic

first best en · NOUN

Meanings

  1. A situation where all optimality conditions are satisfied.

Forms

SpellingFeaturesLabelsSource
first-best alternative lexicographic
first bests Number=Plur lexicographic

Relateds

third best · second best