resource allocation

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resource allocation

see MARKET SYSTEM, ALLOCATION.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

resource allocation

the allocation of an economy's FACTORS OF PRODUCTION between alternative uses in line with patterns of consumer demand (which in turn reflect a given size and distribution of national income). Resources are optimally allocated when the proportions in which factor inputs are combined to produce GOODS and SERVICES reflect their relative costs so as to minimize costs of production and when the output of goods and services fully reflects the distribution of consumer preferences as between those goods and services. (See PARETO OPTIMALITY.)

More specifically, resources are optimally allocated when in each market the price paid for the good or service fully reflects the lowest economic cost of supplying it. See ALLOCATIVE EFFICIENCY, PRODUCTIVE EFFICIENCY, DISTRIBUTIVE EFFICIENCY, MOBILITY, PRICE SYSTEM, THEORY OF MARKETS, PRODUCTION POSSIBILITY BOUNDARY.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
To reduce the interference between eNBs and low-power BSs within the coverage area, a distributed resource allocation algorithm was proposed in [15].
A distributed resource allocation method is proposed in [12], whose purpose is to balance the queue length and promote the fairness.
[15] propose a model of distributed resource allocation problem for distributed sensor networks.
In [18], an optimal resource allocation is considered in relation to relay networks of greater complexity than dual-hop, and a distributed resource allocation algorithm is proposed.
--If a distributed resource allocation procedure is used, then the term "multiagent" indicates that the computational burden of finding an allocation is shared amongst several agents.
The authors of [26] use network coding optimality delays and incentives approaches to propose distributed resource allocation for P2P multicast networks.

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