What does Edgeworth box diagram mean?
In economics, an Edgeworth box, sometimes referred to as an Edgeworth-Bowley box, is a graphical representation of a market with just two commodities, X and Y, and two consumers. The dimensions of the box are the total quantities Ωx and Ωy of the two goods.
What was Edgeworth’s view on welfare economics?
Edgeworth box can be utilized to show that exchange between two individuals may lead to an increase in the welfare of an individual without causing a reduction in the welfare of the other, leading to an increase in the overall social welfare from a given bundle of resources. This is a Pareto improvement.
What does Edgeworth mean?
English (Gloucestershire): habitational name from Edgeworth (Gloucestershire) or possibly from Edgworth (Lancashire) so named from Old English ecg ‘hillside ridge’ + worth ‘enclosure’.
Is Edgeworth a real name?
Edgeworth is an English toponymic surname. It probably derives from Edgeworth in Gloucestershire, but the name is long established in Ireland, where it is claimed that the family settled in County Longford in 1583.
Why is Edgeworth afraid of earthquakes?
The last thing he heard was a demonic scream that would haunt him for the next 15 years. He woke up inside a hospital; by that time, Gregory Edgeworth was dead, fatally shot in the heart by Yogi’s pistol. Miles developed a deathly fear of earthquakes and elevators from the incident.
Is equilibrium always Pareto efficient?
Indeed, in the presence of a constraint a competitive equilibrium is not in general Pareto efficient. In general there are very many Pareto efficient allocations, some of which are very bad from the point of view of equity.
What ethnicity is Edgeworth?
English
Edgeworth is an English toponymic surname. It probably derives from Edgeworth in Gloucestershire, but the name is long established in Ireland, where it is claimed that the family settled in County Longford in 1583.