 Decision theory has traditionally had a predilection for consequentialism, whose structure is suitable for most formal models of decision-making. The standard decision-theoretical approach to risk is maximization of expected utility, which can be seen as a smooth extension of (act) utilitarianism. In expected utility theory, the value associated with an uncertain situation is equal to the sum of the probability-weighted values of all its possible outcomes. Let \(p\) be a function that assigns probabilities to outcomes, and \(u\) a function that assigns values to them. Then the value associated with a situation with three possible outcomes \(x_1\), \(x_2\) and \(x_3\), is equal to