Samuelson, Paul A - In: Journal of Risk and Uncertainty 1 (1988) 4, pp. 389-93
If I am "coherent," in the sense that I can always replace any subset of outcomes by their certainty equivalent (occuring with the sum of their probabilities), then I must act according to the dogma of maximizing an Exp {U}, ruling out Machina (1982), Allais (1952), and Ysidro (1950)...