 A related worry displays a troubling implication of EU maximization’s equating risk-aversion with diminishing marginal utility. Rabin’s (2000) Calibration Theorem shows that if an EU-maximizer is mildly risk-averse in modest-stakes gambles, she will have to be absurdly risk-averse in high-stakes gambles. For example, if an individual would reject the gamble {−$100, 0.5; $110, 0.5} at any wealth level, then she must also reject the gamble {−$1000, 0.5; $n, 0.5} for any \(n\) whatsoever.