An alternative preference foundation for expected utility is provided. Our segregated approach considers four implications of the von Neumann-Morgenstern independence axiom. The monotonicity principle is, for a transitive relation, equivalent to monotonicity with respect to first-order...

For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a weak preference ordering. For choice under risk (resp. uncertainty), preferences are assumed to be represented by the objectively (resp. subjectively) expected value of a von...