Conversly, if you'd pay much more than this, you are absurdly risk averse: Here's a pdf of a classic paper by Rabin: Risk Aversion and Expected-Utility Theory: A Calibration Theorem

Abstract:

Within the expected-utility framework, the only explanation for risk aversion is that the utility function for wealth is concave: A person has lower marginal utility for additional wealth when she is wealthy than when she is poor. This paper provides a theorem showing that expected-utility theory is an utterly implausible explanation for apprecia- ble risk aversion over modest stakes: Within expected-utility theory, for any concave utility function, even very little risk aversion over modest stakes implies an absurd degree of risk aversion over large stakes. Illustrative calibrations are provided