I believe empirical proof is needed for the claim that elite university grads are more risk averse.
If you are an elite grad, you likely have (1) a wealthier family and (2) enough job offers over the course of your life that your "baseline" is extremely comfortable. Hence you have some margin to take risks.
On the other hand, one could also say that the type of person who is likely to become wealthy might be more prudent and less of a risk taker than a daredevil.
I guess one needs to drill down into "risk aversion".
If you are an elite grad, you likely have (1) a wealthier family and (2) enough job offers over the course of your life that your "baseline" is extremely comfortable. Hence you have some margin to take risks.
On the other hand, one could also say that the type of person who is likely to become wealthy might be more prudent and less of a risk taker than a daredevil.
I guess one needs to drill down into "risk aversion".