Refers to what is the optimal policy when the true optimum (the first best) is unavailable due to constraints on policy choice. The Theory of Second Best says that a policy that would be optimal without such constraints (such as a zero tariff in a small country) may not be second-best optimal if other policies are constrained. See Lipsey and Lancaster (1956).
Related information about second best:
- Theory of the second best - Wikipedia, the free encyclopedia
In welfare economics, the theory of the second best concerns what happens when one or more optimality conditions cannot be satisfied. Canadian economist ...
- Second Best (1994) - IMDb
Directed by Chris Menges. With William Hurt, Nathan Yapp, Keith Allen, Chris Cleary Miles. Graham Holt is a lonely middle-aged man who runs a postal ...
- Second Best (2004) - IMDb
Directed by Eric Weber. With Joe Pantoliano, Boyd Gaines, Peter Gerety, Bronson Pinchot. Jealousy overwhelms a group of friends, particularly struggling writer ...
- second best - definition of second best by the Free Online Dictionary ...
sec ond-best (s k nd-b st ) adj. ThesaurusLegend: Synonyms Related Words Antonyms. Noun, 1. second best - the competitor who finishes second. runner-up ...
- second best - Idioms and phrases - The Free Dictionary
Definition of second best in the Idioms Dictionary. second best phrase. What does second best expression mean? Definitions by the largest Idiom Dictionary.
- I Am Only Second Best | Psychology Today
Dec 12, 2010 ... I'm a second hand love By Aaron Ben-Zeév, Ph.D....
- Second best | Easy to understand definition of second best by Your ...
Second best describes a choice that is next in quality to the best. (noun). An example of second best is when you date someone on the rebound after the person ...
- Second Best
PAYBACK. When she reached the age of 12, some of the prettier, more popular girls in Elizabeth McKennon's eighth grade class began to pick on her for being ...