Subjective expected utility through stochastic independence

This paper studies decision-making in the face of two stochastically independent sources uncertainty. It characterizes axiomatically a Subjective Expected Utility representation preferences where subjective beliefs consist product probability measure. The key axioms this characterization both involve some behavioral notions stochastic independence. Our result can be understood as purely version Anscombe and Aumann (Ann Math Stat 34:199–205, 1963) theorem that avoids controversial use exogenous probabilities by appealing to We also obtain an extension Choquet representations.