 How are DS belief functions reflected in decision making? One interpretation of DS theory, called the tranferable belief model (Smets and Kennes, 1994), distinguishes between two mental levels: the credal level, where one entertains and quantifies various beliefs, and the pignistic level, where one uses those beliefs for decision making. Its twofold thesis is that (fair) betting ratios should indeed obey the probability calculus, but that degrees of belief, being different from (fair) betting ratios, need not. It suffices that they satisfy the weaker DS principles. The idea is that whenever one is forced to bet on the pignistic level, the degrees of belief from the credal level are used to calculate (fair) betting ratios that satisfy the probability axioms. These in turn are then used to calculate the agent’s expected utility for various acts.