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Game Theory 101: Comparing Outcomes and Pareto Optimality (Efficiency)

How do we compare the social optimality of outcomes? Can we just add up each player's payoffs and see which one is the largest? William Spaniel explains why this is not as easy as it seems and introduces Pareto optimality (efficiency) and qualitative measures as stand-ins. Also featured: butchering of the last name "Pareto" throughout the video.
Length: 08:32

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