Assuming the money transfer actually takes place, this sounds like a description of gains from trade; the “no pareto improvement” phrasing is that when actually making the trade, you lose the option of making the trade—which is of greater than or equal value than the trade itself if the offer never expires. One avenue to get actual Pareto improvements is then to create or extend opportunities for trade.
If the money transfer doesn’t actually take place: I agree that Kaldor-Hicks improvements and Pareto improvements shouldn’t be conflated. It takes social technology to turn one into the other.
Assuming the money transfer actually takes place, this sounds like a description of gains from trade; the “no pareto improvement” phrasing is that when actually making the trade, you lose the option of making the trade—which is of greater than or equal value than the trade itself if the offer never expires. One avenue to get actual Pareto improvements is then to create or extend opportunities for trade.
If the money transfer doesn’t actually take place: I agree that Kaldor-Hicks improvements and Pareto improvements shouldn’t be conflated. It takes social technology to turn one into the other.