The authors assume that a decisionmaker has expected utility preferences over a large space which includes some variables not observable by the theorist. These will induce preferences over observable variables, which typically will not have the expected utility form. This paper focuses on...

Ross Starr (1973) demonstrates that a competitive equilibrium, while ex ante Pareto efficient, may not be ex post efficient. The authors contend that an implicit second-best issue requires that this assertion be substantively qualified. Specifically, the ex ante efficiency concept is second...