This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous … simple preference relations uniquely identifies the decision maker's utilities and beliefs of all orders. Connections with …

objectively (resp. subjectively) expected value of a von Neumann-Morgenstern utility function. For choice under risk, this implies … concerning behavior in decision trees. Following Cubitt (1996) , these principles include dynamic consistency, separability, and … subtrees as well as entire decision trees. Examples of behavior violating these principles are also reviewed, as are possible …