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Dan_Moore comments on Risk aversion vs. concave utility function - Less Wrong
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Upvoted. In my opinion, the literature on risk-averse agents is logically consistent, and being risk-averse does not imply irrationality. I agree with Vaniver's comments. Also, humans are, on average*, risk averse.
*For example, with respect to markets, 'market clearing' average in a Walrasian auction sense.