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The paper discusses criteria for comparing risk aversion of decision makers when outcomes are multidimensional. A weak concept, "com- modity specific greater risk aversion", is based on the comparison of risk premia paid in a specified commodity. A stronger concept, "uni- formly greater risk aversion" is based on the comparison of risk premia regardless of what commodities are used for payment. Neither concept presumes that von Neumann-Morgenstern utility functions are ordi- nally equivalent. Nonincreasing consumption specific risk aversion is shown to be sufficient to make randomization undesirable in anagency problem with hidden characteristics.

Risk Aversion in the Small and in the Large. When Outcomes are Multidimensional