Examlex
Factors that frame a judge's decision-making process include which of the following?
Utility Function
A utility function is an economic model representing satisfaction or preference a consumer derives from consuming goods and services.
Initial Endowment
The original allocation of resources, such as wealth or goods, that an individual or entity starts with.
Numeraire
A standard unit of measurement in economics used to express prices or monetary values, making it easier to compare different goods or services.
Pareto Optimal Allocations
Situations where no reallocation can make someone better off without making someone else worse off in an economy.
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