An efficiency theorem for incompletely known preferences
There are n agents who have von Neumann-Morgenstern utility functions on a finite set of alternatives A. Each agent i's utility function is known to lie in the nonempty, convex, relatively open set Ui. Suppose L is a lottery on A that is undominated, meaning that there is no other lottery that is guaranteed to Pareto dominate L no matter what the true utility functions are. Then, there exist utility functions ui[set membership, variant]Ui for which L is Pareto efficient. This result includes the ordinal efficiency welfare theorem as a special case.
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