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RobinZ comments on Expected utility without the independence axiom - Less Wrong
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I believe SilasBarta has correctly (if that is the word) noted that it does not - it is perfectly possible for an agent to satisfy the new axioms and fall victim to the Allais Paradox.
Edit: correction - he does not state this.
That sounds more like the exact opposite of my position.
I apologize. In the course of conversation with you, I came to that conclusion, but you reject that position.
To summarize my point: if you follow the new axioms, you will act differently in one-shot vs. massive-shot scenarios. Acting like the former in the latter will cause you to be money-pumped, but per the axioms, you never actually do it. So you can follow the new axioms, and still not get money-pumped.