third best
English
Adjective
third best (comparative more third best, superlative most third best)
- (economics) Characterized by being a third best in the below sense.
- 1997, Lars E. O. Svensson, Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts, in: The American Economic Review, Mar 1997, Vol. 87, No. 1, pp. 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.
- 1997, Lars E. O. Svensson, Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts, in: The American Economic Review, Mar 1997, Vol. 87, No. 1, pp. 98-114
Noun
third best (plural third bests)
- (economics) A second best that is second best relative to a situation that is itself a second best.
Antonyms
- first best, second best, fourth best
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