The article explores how people make decisions when faced with risks using non-expected utility theories. It introduces a new method to understand preferences in decision-making without needing to know the reference point in advance. This method allows for a more accurate representation of how individuals perceive gains and losses. The study also applies a different theory to analyze insurance demand in a market with varying risk perceptions, showing how different attitudes towards risk can impact insurance choices. Overall, the research provides valuable insights into decision-making under uncertainty and offers new ways to model and understand individual choices.