third best
Appearance
English
[edit]Alternative forms
[edit]Adjective
[edit]third best (not comparable)
- (economics) Characterized by being a third best in the below sense.
- 1997 Mar, Lars E. O. Svensson, “Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts”, in The American Economic Review, volume 87, number 1, pages 98–114:
- This reduces the inflation bias but brings higher employment variability than is optimal, a "stabilization bias," and hence leads to a third-best equilibrium rather than the second best.
Noun
[edit]third best (plural third bests)
- (economics) A second best that is second best relative to a situation that is itself a second best.