The article explores a new way to reduce risk when investing in options by considering the third and fourth moments of price fluctuations. By using a multi-objective programming approach, the researchers found that adjusting the delta and gamma hedges can help manage risk better. They also developed a new method to measure risk using the fourth moment of expected utility, which is more sensitive to large price swings. The results show that this new approach significantly improves option pricing models, leading to better decision-making for risk management.