“…Most of the literature makes use of the expected utility approach (see, for example, Wong, 1997;Freixas and Rochet, 2008;Broll et al, 2015). To characterize attitudes towards risk several concepts of risk aversion were introduced, such as prudence, standard risk aversion, risk vulnerability, temperance and shifts in first-order stochastic dominance (see Eeckhoudt et al, 1996Wagener, 2002Battermann et al, 2008;Chateauneuf and Lakhnati, 2015). However, the two-moment decision model which is based on the utility of the expected value and of the standard deviation of some uncertain monetary outcome offers an alternative technique to analyze investment decisions.…”