The Fourfold Pattern

A 2x2 table, X-axis is Gain & Loss. Y-axis is Low & High Probability.

High Probability and gain leads to fear of loss, and that's when people are ready to 'lock on something sure', as they thing something is better than nothing. Low probability but with gain makes lottery popular. It's risk seeking, a hope to gain.

On top-right, there is extreme risk takers, who knows the probability to loss is high. And the final cell, bottom-right is the reason why people buy insurance policy!