@cshentrup i'm not sure what productive role "you dolt" has in this conversation. i'm a trained economist, fwiw.

the concavity of a utility function is used to express risk preferences. under a concave utility function, keeping $1 is worth more than a 1% chance of earning $100. an agent with concave utility would always turn down a fair lottery, let alone one that pays on $99 for the 1% chance to earn a $100. 1/

@cshentrup when ppl do play negative-expected-value lotteries (which covers a wide variety of risks) they're revealed preferences are described by convex, rather than concave, utility. in the real world, that's not infrequent.