I agree with your point that risk aversion is “just” pointing out a non-linearity, but there is an incredible amount you can say about non-linearity. And you can say the same thing about how any concept, when reduced to “just X” seems trivial, but they are still often useful.
Could be useful, but I would say that the more explicit is the u() and the x, the easier is to assess the validity of the argument. Thank you for the nice (and clarifiying) discussion!
I agree with your point that risk aversion is “just” pointing out a non-linearity, but there is an incredible amount you can say about non-linearity. And you can say the same thing about how any concept, when reduced to “just X” seems trivial, but they are still often useful.
Could be useful, but I would say that the more explicit is the u() and the x, the easier is to assess the validity of the argument. Thank you for the nice (and clarifiying) discussion!