FYI: Rabin,2000: &quot;Diminishing marginal utility of wealth cannot explain risk aversion&quot; <a href="https:&#x2F;&#x2F;scholar.google.com&#x2F;scholar?cluster=12987999332583387312" rel="nofollow">https:&#x2F;&#x2F;scholar.google.com&#x2F;scholar?cluster=12987999332583387...</a> cf. <a href="https:&#x2F;&#x2F;scholar.google.com&#x2F;scholar?cites=12987999332583387312" rel="nofollow">https:&#x2F;&#x2F;scholar.google.com&#x2F;scholar?cites=1298799933258338731...</a>