An efficiency theorem for incompletely known preferences (Q617691)

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.