Decision Utility Theory offers a new way to understand how people make choices, without needing to adjust for probabilities like other theories. It suggests that people have different values for decisions and perceptions, and that they may not always consider both the likelihood and outcomes of their choices together. This theory uses a simple risk measure and the idea of an aspiration level to explain why people take risks. It predicts that individuals may not always think about probabilities and results at the same time when making decisions.