Up to a point. There are two issues: first, the
/value/ of risk and
the /value/ of reward are subjective; second, the perceived /balance/
between them differs.
To say that different individuals are more or less risk averse is only
half the story - they may be identically risk averse but have formed
different judgments of the value of risk in a given context.
You're absolutely right, I oversimplified things.