The Von Neumann-Morgenstern games theory assumes (1) that people's preferences will remain fixed throughout; (2) that they will have wide knowledge of all available options; (3) that they will be able to calculate their own best interests intelligently; and (4) that they will always act to maximize these interests.
One possibility for considering human behaviour when analysing risks is the recourse to game theory. Game theory is the paradigmatic framework for strategic decision-making when two or more rational decision-makers (intelligent adversaries) are involved in cooperative or conflictive decision situations.
Game theory is a theoretical framework for conceiving social situations among competing players. In some respects, game theory is the science of strategy, or at least the optimal decision-making of independent and competing actors in a strategic setting.