The economists Richard Lipsey and Kelvin Lancaster showed in 1956, that if one optimality condition in an economic model cannot be satisfied, it is possible that the next-best solution involves changing other variables away from the values that would otherwise be optimal. Meaning of second best. Information and translations of second best in the most comprehensive dictionary definitions resource on the web. From Longman Dictionary of Contemporary English second best ˌsecond ˈbest 1 noun [uncountable] BEST# something that you have to accept which is not perfect or not the best I’m not going to settle for second best. Examples from the Corpus settle for second best • Last week, Francis sent out the strongest possible signal that he won't settle for second best at Sheffield Wednesday. See more. 1. next to the best Familiarity information: SECOND-BEST used as an adjective is very rare. • SECOND-BEST (adverb) The adverb SECOND-BEST has 1 sense:. Being third-best involves merely (a) and not (b), and although it involves greater inferiority, it is less painful than being second best. Learn more. • SECOND-BEST (adjective) The adjective SECOND-BEST has 1 sense:. The first-best refers to the best you could do if you knew agents' preferences over labor an income (i.e., if you did not have to impose the incentive compatibility constraint), and the second-best is the best you can do if agents have to reveal their preferences themselves.. Those … 1. in second place Familiarity information: SECOND-BEST used as an adverb is very rare. I'm tired of being second best. You have to decide. second best definition in the English Cobuild dictionary for learners, second best meaning explained, see also 'second',second',second chamber',second childhood', English vocabulary second-best adj. Find more similar words at! In economics, the theory of the second best concerns the situation when one or more optimality conditions cannot be satisfied. “I'm tired of being your best friend. Dictionary entry overview: What does second-best mean? “Morpheus grunts, low in his chest. Synonyms for second best include inferior, next best, next to best, nothing special, second-rate, underdog, loser, victim, prey and weaker party. Definition of second best in the dictionary. second best definition: 1. not as good as the best and therefore not wanted as much: 2. not as good as the best and…. In contract theory. Him or me. As the outdated reputation of second hand being second best is gradually shed, relevant industries should rise to the challenge of supporting preloved sales and second … (of an economy) departing from an optimal pattern of resource allocation (see PARETO OPTIMALITY) because, for example, of MONOPOLY distortions and EXTERNALITIES. ‘The second-best luck is to have bought a house in Vancouver or Toronto 40, 50, 60 years ago.’ ‘Majority rule is a second-best solution: Less than half the voters are denied their preferences.’ ‘However, he gives the second-best populist pitch, after Howard Dean, of any of these candidates.’ I won't settle for that anymore. In mechanism design. It's all or nothing, Schuyler. Second best definition, the next to the best in performance, achievement, craftsmanship, etc.

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