Individuals are risk-averse if they:
a. suffer an expected utility loss from certainty, or equivalently, are willing to pay because there is no risk involved.
b. suffer an expected utility gain from uncertainty, or equivalently, must receive a payment to have that risk reduced.
c. suffer an unexpected utility loss from uncertainty, or equivalently, are unwilling to pay to have that risk reduced.
d. suffer an expected utility loss from uncertainty, or equivalently, are willing to pay to have that risk reduced.