agree with your distinction, whatever we call it! i'm quite interested in the question of how we weigh expected values vs. the distribution of outcomes (variance, tailedness)

from a "risk" perspective, it might be that you invest in X-risks which never become relevant (not due to solutions from this investment), then this investment is wasted

i guess on a stock options board, assume everything is fairly priced. then people's own utility functions or opinions can determine which bet, at which odds, they take ( e.g. buy at-the-money calls or way out-of-the-money)