The article compares auctions from the perspective of buyers, focusing on risk aversion. It looks at first-price auctions (FPA) where the high bidder pays their own bid, and second-price auctions (SPA) where the high bidder pays the second highest bid. For buyers with private values and risk aversion, the expected payment is higher in FPA. However, buyers may prefer SPA as it offers less risk in payment variability. The study shows that buyers with constant absolute risk aversion are indifferent between FPA and SPA.