The question is not one of your goals being 50% fulfilled

If I'm talking about a goal actually being 50% fulfilled, then it is.

"Risk avoidance" and "value" are not synonyms.

Really?

I consider risk to be the possibility of losing or not gaining (essentially the same) something of value. I don't know much about economics, but if somebody could help avoid that, would people be willing to pay for such a service?

If I'm terrified of spiders, then that is something that must be reflected in my utility function, right? My payoff from being close to a spider is less than otherwise.

I'll post a sibling comment.

That would be very kind :) No need to hurry.