Risky decision making in everyday life is complex, and researchers have been studying it for over two hundred years. This study focuses on understanding why people take risks and how they perceive risk. They found that people have stable preferences for risky decisions and rely on their subjective probabilities when making choices with incomplete information. By using various measures, they were able to bridge the gap between theory and real-life behavior. The study shows that specific risk-preference measures can predict actual behavior, and subjective probabilities are influenced by initial experiences.