People with a phobia about being struck by lightning place such a heavy weight on the consequences of that outcome that they tremble even though they know that the odds on being hit are tiny.
Gut rules the measurement. Ask passengers in an airplane during turbulent flying conditions whether each of them has an equal degree of anxiety. Most people know full well that flying in an airplane is far safer than driving in an automobile, but some passengers will keep the flight attendants busy while others will snooze happily regardless of the weather.
And that's a good thing. If everyone valued every risk in precisely the same way, many risky opportunities would be passed up. Venturesome people place high utility on the small probably of huge gains and low utility on the larger probability of loss. Others place little utility on the probably of gain because of their paramount goal is to preserver their capital. Where one sees sunshine, the other sees a thunderstorm. Without the venturesome, the world would turn a lot more slowly. Think of what life would be like if everyone were phobic about lightning, flying in airplanes, or investing in star-up companies. We are indeed fortunate that human beings differ in their appetite for risk.
Peter Bernstein, Against the Gods