Expected utility without full transitivity

We generalize the classical expected-utility criterion by weakening transitivity to the conjunction of transitive indifference and Suzumura consistency. In the absence of full transitivity, completeness no longer follows as a consequence of the system of axioms employed and a richer class of rankings of probability distributions results. This class is characterized by means of standard expected-utility axioms in addition to transitive indifference and Suzumura consistency. An important feature of some members of our new class is that they allow us to soften the negative impact of well-known paradoxes without abandoning the expected-utility framework altogether. Journal of Economic Literature Classification No.: D81.