The question of whether the bounded arithmetic theories and are equal is closely connected to the complexity question of whether is equal to. In this paper, we examine the still open question of whether the prenex version of,, is equal to. We give new dependent choice‐based axiomatizations of the ‐consequences of and. Our dependent choice axiomatizations give new normal forms for the ‐consequences of and. We use these axiomatizations to give an alternative proof of the finite axiomatizability of and to (...) show new results such as is finitely axiomatized and that there is a finitely axiomatized theory,, containing and contained in. On the other hand, we show that our theory for splits into a natural infinite hierarchy of theories. We give a diagonalization result that stems from our attempts to separate the hierarchy for. (shrink)