An efficiency theorem for incompletely known preferences (Q617691)
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scientific article; zbMATH DE number 5835722
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | An efficiency theorem for incompletely known preferences |
scientific article; zbMATH DE number 5835722 |
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An efficiency theorem for incompletely known preferences (English)
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13 January 2011
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This papers establishes, for finite sets of alternatives and finite sets of decision makers with von Neumann-Morgenstern utility functions, conditions on the set of utilities which are necessary and sufficient for the equivalence between a lottery being Pareto efficient for some utility function and the absence of other lottery that is guaranteed to Pareto dominate it. This result includes the ordinal efficiency welfare theorem as a special case.
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dominance
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ordinal efficiency welfare theorem
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Pareto efficiency
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unknown preferences
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