Why Are Most Investors Risk Averse

Why are most investors risk averse?

A) Most investors are risk averse because it is the fashionable thing to do when one is investing one's own money.
B) Most investors are risk averse because the idea of making an investment that has a larger standard deviation of investment returns is a good way to earn excess returns.
C) Most investors are risk averse because the idea of making good gains with a small chance of a loss is more important that the idea of making a larger gain with a bigger chance of a loss.
D) Most investors are risk averse because the idea of utility theory is that the richer one becomes, the less chance one wants to take to earn even more money.
E) Most investors are risk averse because the risk-adjusted discount rate takes into account the current inflation rate and hopes to earn a return that beats inflation.