1. We have then that presence of M (%) Pareto dominates presence of mechanisms for e� ciency of aggregation of information. QED. Proof of Axiom 13. Suppose Axioms 1 through 12. If, at time t, economic agents are unaware of existence of states, s , = q + 1; :::; 2q, rationality of agents j demands they were unaware of states, s , = q + 1; :::; 2q, at time t 1. By iteration, generically, non-awareness of states s , = q + 1; :::; 2q, at time t implies non-awareness of said states from some origin time, t { to time t. Given states, s , = q + 1; :::; 2q exist in reality, as such, in reality materialize, in presence of non-pricing of e�ects of states;Econometrica
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