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steven0461 comments on Is risk aversion really irrational ? - Less Wrong
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In summary : when you have to chose between two options, one with a certain (or almost certain) outcome, and another which involves more risk, even if in term of utilons (paperclips, money, ...) the gamble has a higher expectancy, there is always a cost in a gamble : between the time when you take your decision and know if your gamble fails or succeeded (between the time you bought your lottery ticket,and the time the winning number is called), you've less precise information about the world than if you took the "safe" option. That uncertainty may force you to make suboptimal choices during that period of doubt, meaning that "risk aversion" is not totally irrational.
Even shorter : knowledge has value since it allows you to optimize, taking a risk lowers your knoweldge.
Thanks! (Also to cousin_it and Tordmor.)
This point applies even in some situations where there's no uncertainty about utility, right? If you're indifferent between soup and steak, you'd prefer either to a random choice of them, because then you'd know whether to get a spoon or a knife.