Managers who are risk averse:

Seek to accept options with low risk and would choose an option with lower expected value if it had more risk.

Seek to avoid options with low risk and would choose an option with higher expected value if it had more risk.

Seek to avoid options with high risk and would choose an option with lower expected value if it had less risk.

Seek to accept options with high risk and would choose an option with lower expected value if it had less risk.

Seek to accept options with low risk and would choose an option with higher expected value if it had more risk.