Pareto efficiencyPareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off. The concept is named after Vilfredo Pareto (1848–1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related: Given an initial situation, a Pareto improvement is a new situation where some agents will gain, and no agents will lose.
Single transferable voteThe single transferable vote (STV) is a multi-winner electoral system in which each voter casts a single vote in the form of a ranked-choice ballot. Voters have the option to rank candidates, and their vote may be transferred according to alternate preferences if their preferred candidate is eliminated or elected with surplus votes, so that their vote is used to elect someone they prefer over others in the running. STV aims to approach proportional representation based on votes cast in the district where it is used, so that each vote is worth about the same as another.
Production–possibility frontierIn microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time. A PPF illustrates several economic concepts, such as allocative efficiency, economies of scale, opportunity cost (or marginal rate of transformation), productive efficiency, and scarcity of resources (the fundamental economic problem that all societies face).
Water resourcesWater resources are natural resources of water that are potentially useful for humans, for example as a source of drinking water supply or irrigation water. 97% of the water on Earth is salt water and only three percent is fresh water; slightly over two-thirds of this is frozen in glaciers and polar ice caps. The remaining unfrozen freshwater is found mainly as groundwater, with only a small fraction present above ground or in the air. Natural sources of fresh water include surface water, under river flow, groundwater and frozen water.
Proportional representationProportional representation (PR) refers to a type of electoral system under which subgroups of an electorate are reflected proportionately in the elected body. The concept applies mainly to political divisions (political parties) among voters. The essence of such systems is that all votes cast - or almost all votes cast - contribute to the result and are effectively used to help elect someone - not just a bare plurality or (exclusively) the majority - and that the system produces mixed, balanced representation reflecting how votes are cast.
Mixed electoral systemA mixed electoral system or mixed-member electoral system combines methods of majoritarian and proportional representation (PR). The majoritarian component is usually first-past-the-post voting (FPTP/SMP), whereas the proportional component is most often based on party-list PR. The results of the combination may be mixed-member proportional (MMP), where the overall results of the elections are proportional, or mixed-member majoritarian, in which case the overall results are semi-proportional, retaining disproportionalities from the majoritarian component.
Welfare economicsWelfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, and attempts to assess the distribution of resources and opportunities among members of society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
Peaking power plantPeaking power plants, also known as peaker plants, and occasionally just "peakers", are power plants that generally run only when there is a high demand, known as peak demand, for electricity. Because they supply power only occasionally, the power supplied commands a much higher price per kilowatt hour than base load power. Peak load power plants are dispatched in combination with base load power plants, which supply a dependable and consistent amount of electricity, to meet the minimum demand.
Fundamental theorems of welfare economicsThere are two fundamental theorems of welfare economics. The first states that in economic equilibrium, a set of complete markets, with complete information, and in perfect competition, will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off). The requirements for perfect competition are these: There are no externalities and each actor has perfect information. Firms and consumers take prices as given (no economic actor or group of actors has market power).
GerrymanderingIn representative democracies, gerrymandering (ˈdʒErimændərɪŋ, originally ˈgɛrimændərɪŋ) is the political manipulation of electoral district boundaries with the intent to create undue advantage for a party, group, or socioeconomic class within the constituency. The manipulation may involve "cracking" (diluting the voting power of the opposing party's supporters across many districts) or "packing" (concentrating the opposing party's voting power in one district to reduce their voting power in other districts).
Wright systemThe Wright system is a refinement of rules associated with proportional representation by means of the single transferable vote (PR-STV) electoral system. It was developed and written by Anthony van der Craats, a system analyst and life member of the Proportional Representation Society of Australia. It is described in a submission into a parliamentary review of the 2007 Australian federal election. The aim of the system is to provide an alternative to various methods of segmentation and distribution of preferences associated with the exclusion of a candidate from the count.
Dual-member proportional representationDual-member proportional representation (DMP), also known as dual-member mixed proportional, is an electoral system designed to produce proportional election results across a region by electing two representatives in each of the region’s districts. The first seat in every district is awarded to the candidate who receives the most votes, similar to first-past-the-post voting (FPTP). The second seat is awarded to one of the remaining district candidates so that proportionality is achieved across the region, using a calculation that aims to award parties their seats in the districts where they had their strongest performances.
Overhang seatOverhang seats are constituency seats won in an election under the traditional mixed member proportional (MMP) system (as it originated in Germany), when a party's share of the nationwide votes would entitle it to fewer seats than the number of individual constituencies won. The electoral reform in Germany removed the overhang seats, and replaced with Zweitstimmendeckung. Under MMP, a party is entitled to a number of seats based on its share of the total vote.
Water conflictWater conflict or water war is a term describing a conflict between countries, states, or groups over the rights to access water resources. The United Nations recognizes that water disputes result from opposing interests of water users, public or private. A wide range of water conflicts appear throughout history, though rarely are traditional wars waged over water alone. Instead, water has long been a source of tension and one of the causes for conflicts.
Load-following power plantA load-following power plant, regarded as producing mid-merit or mid-priced electricity, is a power plant that adjusts its power output as demand for electricity fluctuates throughout the day. Load-following plants are typically in between base load and peaking power plants in efficiency, speed of start-up and shut-down, construction cost, cost of electricity and capacity factor. Base load power plants are dispatchable plants that tend to operate at maximum output.
Allocative efficiencyAllocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, the set of outputs is chosen so as to maximize the wellbeing of society. This is achieved if every good or service is produced up until the last unit provides a marginal benefit to consumers equal to the marginal cost of production. In economics, allocative efficiency entails production at the point on the production possibilities frontier that is optimal for society.
Social welfare functionIn welfare economics, a social welfare function is a function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifferent for every possible pair of social states. Inputs of the function include any variables considered to affect the economic welfare of a society. In using welfare measures of persons in the society as inputs, the social welfare function is individualistic in form.
Energy transitionAn energy transition (or energy system transformation) is a significant structural change in an energy system regarding supply and consumption. Currently, a transition to sustainable energy (mostly renewable energy) is underway to limit climate change. It is also called renewable energy transition. The current transition is driven by a recognition that global greenhouse-gas emissions must be drastically reduced. This process involves phasing-down fossil fuels and re-developing whole systems to operate on low carbon electricity.
Aggregate demandIn macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time. It is often called effective demand, though at other times this term is distinguished. This is the demand for the gross domestic product of a country. It specifies the amount of goods and services that will be purchased at all possible price levels. Consumer spending, investment, corporate and government expenditure, and net exports make up the aggregate demand.
Power stationA power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of electric power. Power stations are generally connected to an electrical grid. Many power stations contain one or more generators, rotating machine that converts mechanical power into three-phase electric power. The relative motion between a magnetic field and a conductor creates an electric current. The energy source harnessed to turn the generator varies widely.
