The article explores how two sellers compete in auctions to sell securities to bidders who are cautious about taking risks. Sellers must balance between offering steep securities for more profit but fewer bidders, or flatter securities for more bidders but less profit. When bidders have similar risk preferences, both sellers choose similar securities. However, when bidders have different risk preferences, one seller offers steeper securities for more cautious bidders, while the other offers flatter securities for less cautious bidders. This strategy is similar to a model where sellers position themselves along a spectrum of steepness.