Of course there's a difference between monetary risk and utility risk. They shouldn't be conflated in this discussion for a number of reasons. One such is that

Of course there's a difference between monetary risk and utility risk. They shouldn't be conflated in this discussion for a number of reasons. One such is that measuring utility is very difficult without resorting to a yardstick like capital. You also bring up personal utility which is important. How do you balance the risk of a destroyed livelihood against a much greater capital loss? We also have to be careful not to presume that Joe Schmo can't find another job (better or equivalent).