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Motivated by the analysis of a general optimal portfolio selection problem,which encompasses as special cases an optimal consumption and an optimaldebt-arrangement problem, we are concerned with the questions of how apersonality trait like risk-perception can be formalized and whether the twoobjectives of utility-maximization and risk-minimization can be both achievedsimultaneously. We address these questions by developing an axiomaticfoundation of preferences for which utility-maximization is equivalent tominimizing a utility-based shortfall risk measure. Our axiomatization hinges ona novel axiom in decision theory, namely the risk-perception axiom.

Decision-making under risk: when is utility maximization equivalent to risk minimization?