Subjective expected utility with nonincreasing risk aversion

It is shown that assumptions about risk aversion, usually studied under the pre-supposition of expected utility maximization, have a surprising extra merit at an earlier stage of the measurement work: together with the sure-thing principle, these assumptions imply subjective expected utility maximization for monotonic continuous weak orders.This study was carried out while the author was at the Netherlands Central Bureau of Statistics, Department of Statistical Methods, Voorburg, The Netherlands.