The Maxmin Expected Utility decision rule suggests that the decision maker can be characterized by a utility function … exist, and, furthermore, that the decision maker is an expected utility maximizer when faced with risky choices (involving … and a set of prior probabilities, such that the chosen act maximizes the minimal expected utility, where the minimum is …

In the Allais' paradox, if an agent's preferences violate independence axiom, the (non-Expected Utility) decision maker … appears to be prone to dynamic inconsistency, that is in some sequential decision problem he may be expected to embark upon … (action) plans which he is not going to follow through. Moreover, Wakker (1988) proves that non-EU decision maker can be made …