A Risk-Averse Person

A risk-averse person avoids variability and will sometimes choose strategies with smaller expected values to avoid risk. An individual who buys health insurance is likely to demonstrate risk aversion because the expected value of the covered expenses will usually be less than the premium. Insurance premiums must cover the insurer’s expected payout, its cost of operation, and some return on invested capital. Unless a beneficiary’s expected benefits (the insurer’s expected payouts) have been incorrectly estimated, the insurer’s

risk seeker A person who prefers more risk to less. (A risk seeker would prefer a gamble with a 50% chance of getting nothing and a 50% chance of getting $10 to getting $5 for sure.)

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risk seeking When a decision maker is willing to accept a lower payoff in order to increase risk.

risk neutral Not caring about risk. (A risk-neutral person would think that getting $5 for sure is as good as a gamble with a 50% chance of getting nothing and a 50% chance of getting $10.)

risk averse Preferring a smaller, less risky payoff to a larger payoff with more variability. (A risk- averse person would choose getting $5 for sure instead of a gamble with a 50% chance of getting nothing and a 50% chance of getting $10.)

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