third best

English

Alternative forms

• third-best

Adjective

third best (not comparable)

1. (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

third best (plural third bests)

1. (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