People are afraid of being left out. The important role played by comparative success demand that people prefer to be mundane than being a loser. Taking risky actions, although gives the person a chance to excel, but there is also a chance to fall behind the crowd. The loss of being left out far outweigh the gain from excelling. Rational agents will choose to be risk averse. For the same reason, they are loss averse.
Poverty has been the rule rather than the exception throughout almost all of human history, when the environment formed our behavior genetically, which we carry on till today. Back to that hunter-gatherer society where resources that humans are capable to utilize were extremely limited, being left behind was vital.
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