Abstract
When the issues in economics are analyzed deeply, the notion of utility is seen at the heart. As an important concept utility research has stayed popular so far. There are several research examining utility from different perspectives. One of the important topics that utility is associated with is risk preferences. Utility perception deviates from what economic theory predicts when it comes to make a choice among alternatives involving risk. Besides utility perception and risk preferences variate if the alternative is a monetary gain or a monetary loss violating principal rules on utility maximization. This study presents a detailed outlook of the concept of utility within the context of attitudes towards risk. It aims to explain that utility consideration differentiates according to the parameters of the situation rather than to the mathematical expected value calculation referring to the St. Petersburg Paradox.
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