Theories of decision under risk that challenge expected utility theory model risk attitudes at least partly with transformation of probabilities. We explain how attributing risk aversion (partly or wholly) to attitude towards probabilities, can produce extreme probability distortions that imply paradoxical risk aversion.
Cox, James and Sadiraj, Vjollca, "Risk Aversion as Attitude towards Probabilities: A Paradox" (2011). ExCEN Working Papers. 75.