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wedrifid comments on Risk aversion vs. concave utility function - Less Wrong
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In the specific case case of risk aversion he is using the term correctly and your substitution with the meaning behind "diminishing marginal utility" is not a helpful correction, it is an error. Minimax is again related but also not the correct word. (I speak because in Nyan's situation I would be frustrated by being falsely corrected.)
If you could provide examples of this sort of usage in the utility theory literature or textbooks, I will gladly retract my corrections. I don't recall seeing "risk aversion" used this way before.
nyan_sandwich has edited their post to reflect that minimax was their intention.
It is just the standard usage if applied appropriately to utility. Even the 'certainty effect' that you mention is an example of being risk adverse with respect to utility albeit one highly limited to a specific subset of cases - again when the object being risk is evaluated in terms of utility.
Which may apply somewhere in the post but in the specific application in the context just wouldn't have made sense in the sentence.