@cshentrup (not sure how risk preferences fit into our conversation, but have you noticed the revealed preference of many people towards participating in lotteries? would you rather have a 50% chance of $99 or a guarantee of $50, it's unpredictable the answer you will get. especially if you let it be a 1% change of 99 or a guarantee of 1. humans aren't reliably risk-averse. under some circumstances revealed preferences are described by marginally increasing, rather than diminishing, utility!)