thanks! this has tripped me up---would appreciate clarification. I see why wealth & utility are separate in finance (risk aversion via concave f), but if the utility u(a,y) is explicitly given, what does adding an extra f on top add over directly encoding preferences into u?

Super cool work! I might be misunderstanding, but could you clarify why expectation maximizing is equated with risk neutrality? I thought risk-averse agents also maximize expectations, just over a concave utility fn. (per VNM). Curious how you think about this!