In multi-objective optimization, the Pareto front (also called Pareto frontier or Pareto curve) is the set of all Pareto efficient solutions. Colloquially, this means when there are many distinct factors to consider in an optimization problem, a Pareto front represents the set of solutions that are "equally good" overall, albeit by making different concessions and compromises. The concept is widely used in engineering. It allows the designer to restrict attention to the set of efficient choices, and to make tradeoffs within this set, rather than considering the full range of every parameter.
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👉 Pareto frontier in the context of Pareto efficiency
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way". A change is called a Pareto improvement if it leaves at least one person in society better off without leaving anyone else worse off than they were before. A situation is called Pareto efficient or Pareto optimal if all possible Pareto improvements have already been made; in other words, there are no longer any ways left to make one person better off without making some other person worse-off.
In social choice theory, the same concept is sometimes called the unanimity principle, which says that if everyone in a society (non-strictly) prefers A to B, society as a whole also non-strictly prefers A to B. The Pareto front consists of all Pareto-efficient situations.