A Complete Analysis of Full Pareto Efficiency in Financial Markets for Arbitrary Preferences
完整分析了金融市场实现完全帕累托效率的充要条件，发现只有当或有债权市场结构覆盖最小财富统计量的信息分割和交易者信念的Halmos-Savage充分统计量时才能实现，并统一了文献中已知的效率结果。
ABSTRACT This paper provides a complete analysis of the necessary and sufficient conditions for financial markets to achieve fully Pareto‐efficient allocation of aggregate wealth through trade in economies with arbitrary preferences. We show that full Pareto efficiency obtains only if the market structure of contingent claims spans the information partition of a minimal aggregate wealth statistic and a Halmos‐Savage sufficient statistic for the beliefs of the traders. All the known allocation efficiency results in the literature due to Arrow, Hakansson, John, Ross, and others are unified by this result.