Wealth is a much more complex utility than others because given the different levels of wealth you have the marginal benefit of having that wealth decreases. That is, let A be the fact that you are given 50, and letBbe there being0.5chance of winning100. risk neutral: the utility is linear—therefore A \sim B risk seeking: utility is convex (derivative increases as reward increases), so A \prec B risk averse: utility is concave (derivate decreases as reward decreases), so A \succ B