The phrase "a first best" is not commonly used in written English and may be considered awkward or unclear.
It could be used in contexts discussing optimal choices or solutions, but it is better to clarify the meaning for the reader.
Example: "In this scenario, we need to identify a first best solution to maximize our efficiency."
Alternatives: "an optimal choice" or "the best option".
This is hardly a first best option, but if the alternative is an indefinite stint of double-digit unemployment, then leaving the euro and default look much more attractive.
In order to compare the outcomes of our multilevel market model with a first best benchmark, we also solve the corresponding integrated planner problem.
However, a first best compensation scheme will generally not be implementable by regulation because insolvency administrators differ with respect to unverifiable uncompensated costs and benefits.
Even in a first best world, climate policy design needs to navigate a tradeoff between making commitments that are sufficiently credible to stimulate transformation and retaining flexibility to adjust.
In the case of peer-to-peer overlays, the original design of the overlay topology can be thought of as a first best solution that optimizes message delivery when all peers are non-malicious.
We show the optimality of such a voting procedure by arguing that it is first best, that is, it maximizes welfare when equilibrium constraints are ignored, and by showing that individual incentives and social welfare are sufficiently aligned to make a first best procedure incentive compatible.
This reproduction is destined to be not a second best, but a substitute.
Julianne Moore won best actress for Still Alice and Citizenfour picked up a second best documentary prize.
It makes poor Wallace seem like an afterthought, a second best - which he clearly isn't.
(As a second best solution, especially for France and Germany, it recommends the management of the networks by a third party).
