 Lara Buchak (2013) has recently developed a decision theory that can accommodate Allais’ preferences without re-describing the outcomes. On Buchak’s interpretation, the explanation for Allais’ preferences is not the different value that the outcome $0 has depending on what lottery it is part of. The outcome itself has the same value. However, the contribution that $0 makes towards the overall value of an option partly depends on what other outcomes are possible, she suggests, which reflects the fact that the option-risk that the possibility of $0 generates depends on what other outcomes the option might result in. To accommodate Allais’ preferences (and other intuitively rational attitudes to risk that violate EU theory), Buchak introduces a risk function that represents people’s willingness to trade chances of something good for risks of something bad. And she shows that if an agent satisfies a particular set of axioms, which is essentially Savage’s except that the Sure Thing Principle is replaced with a strictly weaker one, then the agent’s preferences can be represented as maximising risk weighted expected utility; which is essentially Savage-style expected utility weighted by a risk function.