Friedman Savage Function: The Utility/Wealth function shows inflection, as lower amount of wealth lead to being risk averse, and higher amount of wealth lead to risk-taking behavior. So concave in the low end of the graph, then convex in the middle, and concave in the high end.
Loss Aversion Graph: The graph is different, and shows the gain and value on the axes. It just shows that losses are more painful than gains (hence it is convex when gains are negative and concave when gains are positive).
Is this correct? I always thought those graphs were the same… I was completely wrong right?