Let's consider a business deal where there are multiple parties negotiating the terms. In such a situation, it's usually not possible for every single party to get everything it wants. They need to optimize their demands so that everyone comes out with something positive. Similar situations arise across many areas of engineering where we have to … Continue reading What Is Pareto Optimality
Tag: Strategy
Optimal Solution Concept
Do you remember Adam Smith? He is considered the father of modern economics. His theories were used for more than 150 years by governments, industries, banks etc. One of his famous laws states that people act in their own self-interest. He postulated that in a free market, you will have to compete to survive. He … Continue reading Optimal Solution Concept
Perpetual Enigma 