the stronger one's attitude greater is the probability
Answers
“The attitude toward risk we will consider a single composite commodity, namely, money income. An individual’s money income represents the market basket of goods that he can buy. It is assumed that the individual knows the probabilities of making or gaining money income in different situations. But the outcomes or payoffs are measured in terms of utility rather than rupees”.
People’s preferences toward risk greatly differ. Most individuals generally prefer the less risky situation (that is, the situation with less variability in outcomes or rewards). In other words, most individuals seek to minimise risk and are called risk averter or risk averse.
However, some individuals prefer risk and are therefore called risk-seekers or risk lovers. Some other individuals are indifferent toward risk and are called risk-neutral. But it is important to note that these different preferences toward risk depend on whether for an individual.
hence it is true that the stronger one's attitude greater is the probability